Cryptocurrency strategists who set a price floor for Bitcoin (BTC) during the 2018 bear market believe Solana (SOL) is gearing up for a sharp rally.
Brandts, a pseudonymous analyst, told his 234,400 followers on social media platform X that Solana appears to be forming a bullish reversal pattern on the hourly chart.
The analyst said he expects SOL to consolidate briefly before starting a parabolic rally.
“SOL forms a beautiful rounded bottom.
I wouldn't be surprised if we see a higher timeframe of sideways to this before the next incredible parabolic leg. ”
With Solana currently trading well above pattern support, Brandts Predict A rise is imminent for the fifth-largest altcoin by market capitalization.
“Great move from previous lows for SOL.
It will soon reach a new high. ”
At the time of writing, SOL is trading at $107.40.
Next, traders are turning their attention to the new layer 1 blockchain Sei (SEI). Brandts said SEI is on track to be one of the fastest horses of the cycle, up nearly 400% in just a few months.
“SEI is quickly becoming this cycle's outperformer.
In my opinion, the 2024 recession should definitely be on everyone's radar. ”
At the time of writing, SEI is valued at $0.711, an increase of approximately 200% since the beginning of December.
Another altcoin that is gaining interest from traders is Lido, a crypto project that aims to allow users to stake Ethereum (ETH) without locking up assets or maintaining infrastructure. This is DAO (LDO).
According to the analyst, LDO is sending a bullish reversal signal on the Bitcoin pair (LDO/BTC), while the USD pair appears poised for a breakout.
“I have a love-hate relationship with To do But ultimately I think we're heading towards a price discovery breakout. There is also a weekly bullish divergence in the BTC pair. ”
As of this writing, LDO is worth $2.87.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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