A trader who continues to gain a large following with timely altcoin calls says one of Ethereum’s biggest competitors may be following. ethereumearly stages of growth.
Pseudonymous trader Cantering Clark shared the chart with his 159,000 Twitter followers, showing a striking similarity in Solana’s price action (Sol) today and 2018 for Ethereum.
“Early ETH vs. SOL.”
Trader’s charts show both assets bounced off support levels multiple times before crossing and collapsing before breaking below lows and then rebounding.
Ethereum finally rose 5,777% from its 2018 lows to a new all-time high of $83 to $4,878. With Solana’s recent low of $8, a similar move in SOL suggests a rally to around $462 before the next bear market.
A look at the rest of the crypto market, Kantering Clarke To tell It means that the ‘January Effect’, which shows cypto’s trend of rising early in the year, is likely over. He forecasts a near-term correction that could be triggered by reports of poor performance or other macroeconomic announcements.
“The effect of January is complete. Such a historically large month will be followed by some mean reversals. FOMC and Amazon, Apple, Google, Meta, Exxon, Pfizer, Merck…
If I had to guess.
Go back to the 20k area and chop people left and right before continuing. “
According to traders, BTC is lacking a lot of liquidity between $23,000 and around $21,000, which could lead to a rapid price drop to the next major level.
“While Bitcoin is at the top of its range, we are not going to be aggressive.
Flip 25k and you might change your mind.
There are some really imbalanced areas that price likes to revisit and can cut through like butter.
Notice the fixed annual vwap (Volume Weighted Average Price) and the January 23rd low. “
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