A trader who continues to build a large following with his timely altcoin calls says that one of Ethereum’s biggest competitors may be following ETH‘s early stages of growth.
Pseudonymous trader Cantering Clark shares a chart with his 159,000 Twitter followers showing uncanny similarities between the price action of Solana (SOL) today and Ethereum’s in 2018.
“Early ETH vs SOL.”
The trader’s chart shows both assets bouncing off a support level mutiple times, then collapsing through it before making a lower low and then a rebound.
Ethereum rose 5,777% from its 2018 lowest point to its highest level, rising to $4,878. With Solana’s recent low of $8, a similar move for SOL would suggest a rally to roughly to $462 before the next bear market.
Cantering Clark is a great example of the rest of the crypto markets. says that the “January effect,” referring to cypto’s tendency to rally at the beginning of the year, is likely over. Poor earnings reports and other macroeconomic announcements could trigger a correction in the short term.
“The January effect is done. Historically big months like this follow with some mean reversion, and what better way to start the next month with a gamut of events: FOMC and earnings for Amazon, Apple, Google, Meta, Exxon, Pfizer, Merck…
If I had the chance to guess.
Take it back to 20k area, and chop people up left and right before continuing.”
Trader claims that BTC is lacking liquidity between $23,000 to about $21,000, which could cause price fall rather quickly before the next major level.
“I don’t really care to do anything aggressive while Bitcoin is at the top of the range.
Flipping 25k might change my mind.
Some areas are very imbalanced and the price loves to return to them.
Eyes on anchored yearly vwap (volume weighted average price) and Jan 23rd low.”
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Disclaimer: The Daily Hodl’s opinions do not constitute investment advice. Before making high-risk investments, such as in Bitcoin, cryptocurrency, or other digital assets that could be potentially dangerous, investors should do their research. Your transactions and losses are your responsibility. The Daily Hodl doesn’t recommend any cryptocurrency or digital asset trading. The Daily Hodl is an affiliate marketer.
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