Crypto Strategist Bullish on Ethereum Rival Solana

•Crypto strategist Pentoshi is bullish on Ethereum-rival Solana as long as it trades above $22.30.
•Solana has increased over 94% since June, and if it drops below the key level of $22.30 it will likely decline to a support level of $20.
•Pentoshi says that Bitcoin needs to reclaim the range at $29,700 in order for him to go long on BTC.

Crypto Strategist Bullish on Ethereum Rival

Crypto strategist Pentoshi is remaining bullish on one Ethereum (ETH)-rival known as Solana (SOL) as he updates his stance on Bitcoin (BTC). He believes that as long as SOL trades above $22.30 he is bullish on the ETH competitor, and if it dips below this key level then it will likely decline to a support level of $20.

Recent Performance of Solana

Since its June low of $12.80, Solana has taken off in a huge rally and is currently trading for around $24.89 – this represents an increase of more than 94%. In order to determine whether or not Solana will hold range highs, Pentoshi has been closely watching its high time frames price action; if SOL begins to drop below the $25 level then the next key level of support is at around $22.30.

Pentoshi’s Outlook on Bitcoin

Pentoshi also shares his outlook on Bitcoin – he believes that BTC’s price action has stalled for weeks and he’s looking for a break of the $29,700 mark in order for him to go long with BTC again. At time of writing, Bitcoin is trading for just under this mark at around $29,339 – representing an increase of 0.4% during the last 24 hours .

High Time Frame Trading Strategy

The trader states that personally he thinks “it’s best to trade [in this environment] until easy mode” by looking at high time frames rather than forcing trades; this helps cut out unnecessary chop and makes it easier to identify important levels such as resistance and support levels which can be used to make more informed trading decisions .

Conclusion

In conclusion , crypto analyst Pentoshi remains bullish on Ethereum-rival Solana so long as it trades above the key price point of $22.30, while also noting that if SOL drops below this point then its price could fall back down towards its lower bound support level at around $20 . For his part , when it comes to Bitcoin , Pentoshi says that he won’t go long until BTC reclaims its previous range from around$29 , 700 .