Cryptocurrency enthusiasts are closely watching the movement of Ethereum’s rival, Solana (SOL), as a popular analyst predicts a potential dip followed by a significant rally. In a recent update shared on the social media platform X, the pseudonymous trader Inmortal highlighted concerns over an upcoming massive token unlock of over 11 million SOL, suggesting that this could lead to a further decline in the price of Solana.
Token unlocks are often viewed as bearish indicators for a cryptocurrency, as they imply an increase in available supply for selling. However, it is essential to note that not all unlocks result in market corrections, and in some cases, they can even precede price rallies. Inmortal expressed his perspective on the situation, stating that if the bottom is not already in place, it is very close. He anticipates that the price of SOL may drop to around $120 before the unlocks take place, with the market potentially overreacting to the event. However, he believes that once the unlocks occur without a significant impact on the price, Solana could experience a swift acceleration in its upward trajectory.
At the time of writing, Solana is trading at $168, reflecting a 4.5% decrease in the last 24 hours. Despite the short-term bearish sentiment surrounding Solana, Inmortal remains bullish on Bitcoin (BTC), noting that the flagship cryptocurrency has maintained support at $92,500 on the 12-hour chart. He expressed his optimism by rhetorically asking, “Imagine being bearish,” indicating his positive outlook on Bitcoin’s price potential.
Furthermore, the analyst reiterated his optimistic forecast for Ethereum (ETH), predicting that the cryptocurrency could reach $4,400 by June. He emphasized that despite any fear, uncertainty, and doubt (FUD) circulating in the market, ETH’s price remains resilient. Inmortal believes that ETH is on track for a gradual ascent towards the target price, supported by strong price action and positive market dynamics.
Currently, ETH is priced at $2,683, showing a 1.7% decline in the last 24 hours. As the cryptocurrency market continues to evolve, investors and traders are closely monitoring the developments in Solana, Bitcoin, and Ethereum, anticipating potential opportunities for profitable trades and investment strategies.
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In conclusion, as the crypto market experiences fluctuations and volatility, informed analysis and strategic insights from experts like Inmortal are valuable resources for navigating investment decisions. By staying informed and proactive in monitoring market trends, traders can position themselves for potential gains in the evolving landscape of digital assets.