Ethereum

Rally

<p>Crypto analyst Josh Olszewicz recently <a href="https://twitter.com/CarpeNoctom/status/1714123479879221711" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> an extremely bullish technical setup forming for Solana’s SOL token against the US dollar. In a tweet, Olszewicz pointed out an emerging inverse head and shoulders (H&amp;S) pattern, noting it looks much better than Ethereum’s chart.</p>
<p>After peaking at $260 in November 2021, Solana’s price cratered over 95% to a low of $8 by end of 2022 amid the broader crypto downturn. However, 2023 brought a reversal, with SOL rebounding to nearly $26 in January.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="497" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-1024x497.png" alt="" class="wp-image-357449" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-1024x497.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-300x146.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-767x372.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-1536x745.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-2048x994.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-309x150.png 309w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-721x350.png 721w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427-788x382.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-427.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This price action has shaped the shoulders and head of an inverse H&amp;S pattern on SOL’s charts since mid-January. Olszewicz identified key neckline resistance around $25.81. A decisive break above this level would confirm a bullish trend reversal.</p>
<p>Using Fibonacci extensions, Olszewicz outlined potential upside targets at $33.85 and $38.82 if the neckline is surpassed. This represents possible gains of 35-55% from current prices.</p>
<p>While the emerging inverse H&amp;S presents a very bullish setup, traders await a strong breakout above the $25.81 neckline with substantial volume before confirming the optimistic projections. Near-term resistance around this level has held up so far.</p>
<p>As with any technical analysis, the pattern may or may not materialize as forecasted. However, Olszewicz highlights SOL’s constructive structure given broad market challenges. A confirmed breakout could mark a significant trend change for the battered cryptocurrency.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/this-ethereum-rival-is-gearing-up-for-a-50-rally-top-analyst/">This Ethereum Rival is Gearing up for a 50% Rally – Top Analyst</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

This Ethereum Rival is Gearing up for a 50% Rally – Top Analyst

Table of Contents

CaptainAltcoin

Other articles published on Oct 18, 2023

Energy Web Token (EWT) Price Prediction 2024, 2025, 2030, 2040, and 2050

MARKETS INSIGHT - VOLATILITY OVERVIEW VOL.6

Coinbase warns against Hamas’ use of crypto

OpenAI’s DevDay Conference and the Rumors of AGI Breakthrough

AI Depicts Fascinating Images of What Aliens May Look Like

US Dollar To Become CBDC & Challenge BRICS De-Dollarization Efforts?

Join our free newsletter for daily crypto updates!