A widely followed cryptocurrency trader is turning bullish on Solana (SOL) while expressing his reservations about the Ethereum (ETH) competitor.
The trader pseudonymously known as Credible Crypto tells his 460,500 followers on the social media platform X that Solana passed the “first test” by bouncing off the “must-hold” level of roughly between $165 and $190 and subsequently reaching a new all-time high of approximately $293.
The widely followed analyst says that even though Solana is likely to climb higher, there’s one reason holding him back from going long on the fifth-largest crypto asset by market cap.
“For what it’s worth, I think we are likely to make another subsequent new high here BUT the reason I am not interested in longing at these levels (except for short-term scalps) is because of the Bitcoin (SOL/BTC) pairing.”
According to the pseudonymous analyst, the SOL/USD pair is in price discovery but Solana against Bitcoin (SOL/BTC) is sitting under a zone of “massive” resistance level at around 0.003 BTC. Credible says that the resistance zone could either impede Solana’s upward movement for a while or cause a “much more significant rejection and pullback.”
On what it would take to turn fully bullish on Solana, the widely followed analyst says,
“If we can flip this [0.003 BTC resistance] zone, I’d be full bull on SOL once again, but as long as we are trading under it, it’s the most likely place for a rejection and I think odds are pretty decent we get one (all things considered).”
Solana is trading at $237 (0.0022685 BTC) at time of writing.
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Author: Mark Emem
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