An unusual signal from a legendary market analyst has caught the attention of traders. Ethereum and Solana price It is starting to show signs of a potential reversal. and Broad cryptocurrency market still in the doldrumsa subtle warning from the inventor of one of the most respected technical indicators has analysts wondering if big changes are about to happen in ETH and SOL.
Bollinger Inventor Suggests Ethereum and Solana Price Explosion
John Bollinger, technical analyst and world-renowned inventor bollinger bands indicatorwhich subsequently shocked the broader crypto community Identify potential “W” bottoms It is forming on the Ethereum and Solana charts. In a market commentary on X social media, Bollinger said: noticed Although Bitcoin has not shown similar signals yet, the ETHUSD and SOLUSD pair is forming in a way that warrants attention.
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In particular, Bollinger’s cautious but bullish statements quickly caught the attention of other market analysts. Satoshi Flipper, a well-known cryptocurrency expert, revealed Bollinger typically makes only one such market call a year, and says he hasn’t issued a single market call on Ethereum in three years. he disclosed The inventor of Bollinger Bands last made similar statements in September 2022, just before ETH price skyrocketed from around $1,290 to nearly $4,000.
Bollinger’s selective and historically accurate calls have led analysts to view this as an early sign of crisis. Possibility of reversal of downtrend or consolidation into an explosive breakout. If the inventors’ analysis proves accurate once again, both Ethereum and Solana could be sitting on the base of one of the most powerful bull markets
Analysts predict bullish targets for ETH and SOL
Two separate technical analyzes also highlight the optimistic outlook for Ethereum and Solana prices. Crypto analyst Lark Davis highlighted He says Solana’s chart structure is “very constructive.” Relative Strength Index (RSI) Nearing a momentum breakout, the Moving Average Convergence Divergence (MACD) is gearing up for a bullish cross.
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Davis noted that Solana’s price action has formed a distinct movement. double bottoma typical reversal pattern. He predicts that if the stock breaks below the neckline, the price target could be around $250 if the bulls can protect the 200-day EMA. Solana is trading at around $192, and a rally to that target would represent a gain of around 30%.
The technical outlook for Ethereum is even more dramatic. Analyst Marlin the Trader said At X, ETH develops its most explosive setup since the 2017 bull cycle, pointing to the textbook bullish pennant pattern On the monthly chart. Historically, such formations precede large continuations when price crosses the upper bound of the pattern.
Merlijn’s chart analysis predicts an eventual breakout target around $8,500, suggesting that Ethereum could do so. It will soon reach an all-time high. Given that ETH price is hovering above $4,000, a surge towards this bullish target would more than double its value, marking a staggering 110% gain.
Featured image from Getty Images, chart from Tradingview.com
