Pentoshi, who foretold that Bitcoin would return to $29,000 after peaking in June, updated its bull expectations. In his latest analysis, he included an altcoin project that he expects to rise with Bitcoin.
Pentoshi says Solana (SOL) bulls are safe
The mysterious technical analyst thinks that as long as SOL price stays above $22.30, it will be on ideal ground for a bullish move.
SOL, hit hard by last year’s FTX bankruptcy, has rallied heavily since June’s low of $12.80. It is currently trading above $25, where it is up 40% on a monthly basis. Pentoshi says the bull market will prevail as long as we stay at $22.30.
I think it's easiest to say.
Bullish above 22.30
Bearish below
Everything I've posted past few months has been more HTF. We might wait 1-2 weeks but it's cut out all the chop. Personally think it's best to trade that way in this environment until easy mode. Too many forcing… https://t.co/Djga2bZ7p2
— btc ath waiting room (@Pentosh1) July 27, 2023
On the other hand, if SOL price breaks below the key $22.30, it is likely to drop back to the $20 support base. This support level represents a multi-month descending trend line on the SOL chart as seen in the chart below. Pentoshi estimates $20 to be next after $22.30.
’25 dollars first critical support’
Pentoshi closely watches large timeframes of Solana’s price action to determine its forecasts. According to its chart, if Solana starts to decline below the $25 level, the next key support level will be $22.30. This level represents the last support zone before $20. According to Pentoshi:
SOL seems to be very constructive about the long term in general. For now, it may be an aberration. If we start closing in again, then I’ll be looking at $22.30.
The situation is more critical for Bitcoin
Pentoshi then glanced at Bitcoin’s chart. The leading crypto has been moving sideways for weeks. According to the technical analyst, the bulls must first reclaim $29,700 for a bullish move. Otherwise, the analyst says we will visit new lows:
I want to see BTC retrace $29,700 and close above it. It’s been a very slow five or six weeks outside of on-chain movements… There are two options for me here for a long time. Retrieve the initial $29,700. If not, we’re dealing with lower levels.
Bitcoin excels in on-chain metrics
As Pentoshi mentioned, the BTC price has been stagnant for weeks, with some positive developments on the on-chain side. According to a report by Glassnodealerts, the number of profitable Unspent Transactions (UTXO) of Bitcoin recently hit a one-month low. The value of the metric at the time was 129,682,989,738.
https://twitter.com/glassnodealerts/status/1685141918961819648
However, Glassnode also warned the Bitcoin community about the increasing number of non-zero addresses. Accordingly, Bitcoin’s non-zero addresses recently reached the ATH level of 47,777,267. This figure marks a steady rise in the metric, which is observed to be on the rise. The previous ATH was recorded as 47,773,890, 24 hours ago. As we have mentioned in the cryptokoin.com analysis, there are analysts who think that Bitcoin gives a bullish signal from a technical point of view.
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