A popular crypto trader and strategist is keeping a close eye on a potential breakout from one of Ethereum’s competitors. Inmortal, a well-known analyst with a significant following on X, believes that Solana (SOL) is showing promising signs on the daily chart and could experience a significant surge of over 18% from its current value.
According to Inmortal, SOL is on the verge of forming a bullish pattern, with the potential to reach $240 before retracing to around $210. After this retracement, the cryptocurrency could continue its upward trend towards its all-time high of $263. As of the time of writing, Solana is trading at $219, marking a 4.7% increase in the last 24 hours.
Shifting his focus to Bitcoin, the trader shares insights on the recent price movements of the leading cryptocurrency. Following a correction to $89,000 earlier in the week, Bitcoin has managed to reclaim the $100,000 range. Inmortal suggests that Bitcoin may face a correction down to $95,000 on the eight-hour chart before potentially surging to as high as $127,000 in February. Currently, Bitcoin is trading at $104,569, showing a 5% increase in the last 24 hours.
In another analysis, Inmortal discusses the potential for a reversal in the Bitcoin layer-2 project, Stacks (STX). He points out that STX may have experienced a swing failure pattern (SFP) after bouncing from $1.40 on the daily chart, indicating a possible reversal point. The trader believes that the STX chart appears to have bottomed out, with the potential for a significant surge to around $2.80. At present, STX is trading at $1.68, reflecting a 7.9% increase in the last 24 hours.
In conclusion, Inmortal’s insights and predictions offer valuable information for crypto traders and enthusiasts looking to capitalize on potential market movements. Keep an eye on Solana, Bitcoin, and Stacks as they navigate through the volatile cryptocurrency landscape. Stay informed and subscribe to receive email alerts for the latest updates in the crypto market.