Solana's SOL/USD strength against Bitcoin BTC/USD has caught the attention of cryptocurrency traders, who are questioning whether this strength can persist.
What Happened: Crypto trader CrediBULL Crypto highlighted the potential for new local highs if Solana can surpass the current cluster of resistance. The optimism stems from Solana’s recent performance — it is up 8.5% over the past 30 days, compared to Bitcoin’s 0.5% return over the same timeframe.
The trader noted that Solana "will probably take the highs,” but he ultimately the current price action to be a deviation before Solana trades in its range again.
Also Read: Ethereum Down 8% Last Month, Solana Up 9%: What Is Going On?
The trader urges urged his followers not to get carried away by euphoria if Solana trades higher. His analysis suggests that the built-up lows present a vulnerability that might eventually lead to a downward move.
The investor’s cautious outlook is a reminder of the volatile nature of crypto markets. This nuanced view highlights the importance of considering both bullish and bearish scenarios when navigating the crypto landscape.
Veteran trader Cold Blooded Shiller believes areas like this on the Solana chart predict a breakout. He added that “we’re nearing correction time and a challenge against this run-up of the trend."
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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