A prominent cryptocurrency analyst, Inmortal, has forecasted a substantial rally for Ethereum (ETH) and Solana (SOL). According to Inmortal, Ethereum, often dubbed the king of altcoins, is on the verge of a significant upward movement, which could catch many investors off guard. The analyst also shared a positive outlook for Solana, suggesting that it could follow a similar trajectory.
What Drives Ethereum’s Potential Rally?
In a series of posts on the social media platform X, Inmortal argued that Ethereum’s bullish phase is imminent, spurred by a general sense of disbelief among market participants. He identified a crucial support level around $2,800 for Ethereum and set an initial price target of approximately $4,000. The analyst’s price graph indicates that ETH is poised for a breakout, reminiscent of previous bullish cycles marked by market skepticism.
Inmortal tweeted, “The ETH season is about to start. As always, it’s fueled by disbelief,” alluding to the pattern of unexpected rallies that often leave many investors unprepared.
Will Solana Follow Ethereum’s Path?
Inmortal is also bullish on Solana, Ethereum’s competitor. He believes that Solana’s market behavior mirrors Ethereum’s 2021 cycle. Should this trend persist, Solana could exceed the $360 mark by the end of this year. The analyst drew parallels between the two cryptocurrencies, stating, “ETH 2021 vs SOL 2024,” and predicted a significant upward trajectory for Solana based on historical patterns.
Additionally, Inmortal provided insights into Bitcoin’s (BTC) current trading range. He noted that Bitcoin fluctuates between $74,000 and $56,000, identifying $66,000 as the crucial level to observe. If Bitcoin maintains its position above this level, it could pave the way for a new run towards an all-time high.
Key Takeaways for Investors
• Ethereum’s support level is around $2,800, with a price target of $4,000.
• Solana could potentially surpass $360 by the year’s end.
• Bitcoin’s critical level to watch is $66,000.
• Market disbelief often precedes significant bullish phases.
• Historical patterns suggest a strong upward trajectory for these cryptocurrencies.
In conclusion, as Ethereum and Solana prepare for potential significant rallies, investors should pay close attention to key support and resistance levels. The insights provided by Inmortal highlight the importance of market sentiment and historical trends in predicting future price movements.