• A closely followed strategist is predicting that one Ethereum (ETH) rival, Solana (SOL), will repeat the competitor’s parabolic rally from the last crypto cycle.
• Pseudonymous trader The Flow Horse believes SOL is mirroring ETH’s price action before a massive move to the upside.
• He also says Bitcoin (BTC) and Ethereum are in an uptrend with most investors taking long positions and accumulating, while the market cap of stablecoins indicates a decline in liquidity in the overall crypto markets.
Trader Predicts Parabolic Rally for Ethereum Rival
A closely followed strategist is predicting that one Ethereum (ETH) rival, Solana (SOL), will repeat its competitor’s parabolic rally from the last crypto cycle. Pseudonymous analyst The Flow Horse, also known as Cantering Clark, shared his predictions with his 179,700 Twitter followers. According to his chart, SOL’s recent price action to the $27 level mirrors ETH’s sudden move to $280 in 2020. ETH then went on a parabolic rally which he says SOL will likely mirror as well.
Uptrend for Bitcoin and Ethereum
The trader also weighs in on Bitcoin (BTC) and ETH and says that the top two performing digital assets are currently in an uptrend with most investors taking long positions and accumulating. He believes that spot bags are being built up and there are no outright shorts. Everything short is trading around a core position.
Stablecoin Market Cap Decline
The Flow Horse also points out that the market cap of stablecoins has declined which indicates a decline in liquidity in the overall crypto markets. He predicts that this trend will likely start to reverse either when there is an approval of a spot Bitcoin exchange-traded fund (ETF) or when miners’ rewards are cut in half at next year’s halving event.
Solana Price Action
Solana is trading for $25.23 at time of writing, up 8.7% during the last 24 hours. Bitcoin is trading for $29,459 at time of writing, up 0