- A prominent crypto analyst suggests that leading altcoin Ethereum is approaching a mid-cycle low.
- Another well-known analyst predicts that Ethereum’s competitor, Solana, could skyrocket to $600, comparing its potential to its performance in 2021.
- “The time for a major run in the leading altcoin has arrived,” says an analyst, adding to the growing anticipation in the market.
Discover the bold predictions for Ethereum and Solana, as seasoned analysts share bullish outlooks that could shape the next phase of crypto market trends.
Ethereum Nearing a Mid-Cycle Low: Analyst Predictions
A prominent crypto analyst with a considerable following believes that Ethereum is close to hitting a mid-cycle low. The expectation of spot Ethereum ETFs gaining approval by mid-July is providing significant support for the altcoin. According to the analyst, Ethereum is poised to complete its ABC corrective wave, a theory derived from Elliott Wave Theory which indicates that an asset in consolidation typically witnesses an ABC correction before initiating a new five-wave move.
Anticipated Surge to All-Time Highs
The analyst foresees Ethereum sweeping towards $2,800, hitting a low before reclaiming it, thus completing the ABC corrective wave. Following this, a substantial upward movement is predicted, potentially pushing ETH to an all-time high of $6,000 initially, and ultimately towards a cycle peak of $8,000. This prediction aligns with the broader market sentiment on the expected approval of Ethereum ETFs, which many believe will trigger significant price movements.
Solana’s Bullish Outlook: Potential to Hit $600
While Ethereum garners attention, Solana has also been making strong moves in the market. With recent prices peaking at $141.7, Solana is showing resilience at this resistance level. A noted crypto analyst, Crypto Jelle, draws parallels between Solana’s current market behavior and its 2021 performance, suggesting a potential rise to $600. This sentiment is bolstered by Solana’s consistent consolidation and lower peaks, reminiscent of its mid-2021 trajectory.
Indicators Supporting the Bullish Sentiment
Crypto Jelle points out that Solana’s weekly Relative Strength Index (RSI) has recently rebounded from the median level, similar to its behavior in July 2021. This indicator suggests that Solana may be primed for a significant price movement. Confident in this pattern repeating, Jelle advocates for substantial investments in Solana, aiming for the optimistic $600 target, indicating massive growth potential from its current valuation.
Conclusion
Both Ethereum and Solana are at pivotal points, with seasoned analysts predicting significant price movements. Ethereum’s completion of its ABC corrective wave could see it reach unprecedented highs, while Solana’s consolidation patterns suggest it may be on the cusp of a substantial rally. As always, these predictions come with inherent risks, and investors are advised to conduct thorough research before making financial decisions.
