Solana price has investors in disbelief

A popular analyst says that Ethereum challenger Solana (SOL) appears primed to sustain its bullish ascent as one exchange token trades in an area that offers a favorable risk to reward ratio. 

The pseudonymous trader known as Cantering Clark tells his 140,300 Twitter followers that the right market conditions could help Solana put together a sizable rally after SOL took out both its diagonal and horizontal resistances. 

At time of writing, Solana is changing hands for $40.16. A move to Cantering Clark’s next resistance area around $75 suggests an upside potential of over 86% for SOL.

The analyst says that he’s also bullish on fellow smart contract platform Avalanche (AVAX).

“SOL and AVAX still look really good. I think patience will be rewarded.”

At time of writing, Avalanche is valued at $21.60.

Cantering Clark also takes interest in FTT, the token that powers crypto derivatives exchange FTX. According to the crypto analyst, FTT is an area of strong support in its weekly chart. 

Kaleo’s chart predicts a huge Bitcoin bounce to around $28,000 in the short term prior to another leg down below $20,000, which would then be followed by a grind up to $30,000.

The crypto strategist says that this ranging environment is the “most likely” scenario for Bitcoin in the coming months.

“I still believe the most likely outcome is a range between $20,000 [and] $30,000 through at least the next several months, so while a bounce from here might take us to around $30,000, I don’t see it as anything to get over-excited about quite yet.”

Kaleo also says that even if BTC bulls are able to ignite a relief rally, he warns traders that the surge won’t likely be the start of a new bull market.

“Even though the next leg up we’ll see out of this $20,000 mini-range we’re stuck in won’t necessarily signal the shift to momentum for a sustainable new bull market, it will provide some much necessary relief from the months of bearish price action we’ve seen recently.

Hope it’s fun, but don’t let it evolve into greed and completely consume you. Be patient, keep stacking, survive the crab and be a king in 2024/2025.”

Solana price rises in stair-step fashion to start the third trading week of July. The double-top formation is likely to be breached in the coming hours. A spike above the $43 price level could trigger an additional 10-15% rise towards $47. However, the structure of the bullish incline signals weakness and a 25% plummet to $31 could occur.