A rare signal from a legendary market analyst caught the attention of traders Ethereum and Solana price It begins to show signs of a possible reversal. with The broader cryptocurrency market remains in the doldrumsA subtle alert from the inventor of one of the most respected technical indicators has analysts wondering if a major shift is about to happen in ETH and SOL.
Bollinger Band inventor points to Ethereum and Solana price explosion
John Bollinger, world-famous technical analyst and inventor Bollinger Band indicatorthen shocked the wider cryptocurrency community Identify potential “W” bottoms Formation on Ethereum and Solana charts. Commenting on the market on social media X, Bollinger said male Although Bitcoin has not yet shown similar signs, the ETHUSD and SOLUSD pairs are shaping up in a way that requires attention.
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Notably, Bollinger’s cautious but bullish statement immediately caught the attention of fellow market analysts. Satoshi Flipper, a well-known cryptocurrency expert, open Bollinger typically only makes one market call per year and has not issued one for Ethereum in three years. he It has been detected The last time the inventor of Bollinger Bands made a similar statement was in September 2022, before the price of ETH rose from around $1,290 to nearly $4,000.
Given the selective and historically accurate Bollinger calls, analysts see it as an early sign of the presence of… Possible reversal of the downtrend Or uniformity in explosive penetration. If the inventors’ analysis proves accurate again, both Ethereum and Solana could be at the heart of one of their strongest bull rallies.
Analysts expect bullish targets for ETH and SOL
Two separate technical analyzes also highlight the optimistic outlook for Ethereum and Solana prices. Cryptocurrency analyst Lark Davis Highlight The structure of Solana’s plan appears “very constructive.” Relative Strength Index (RSI) It is approaching a momentum breakout and the Moving Average Convergence Divergence (MACD) is preparing for a bullish crossover.
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Davis noted that Solana’s price action is clearly shaping up Double bottomIt is a classic reversal pattern. If the neckline is broken, he expects a potential price target near $250, provided the bulls can defend the 200-day EMA. With Solana trading around the $192 level, a rise to that target would represent a gain of roughly 30%.
The technical outlook for Ethereum is even more dramatic. Analyst Merlin Trader male On Bullish flag pattern On the monthly chart. Historically, these formations are preceded by a massive continuation once the price breaks above the upper border of the pattern.
Merlijn’s chart analysis predicts an eventual breakout target of around $8,500, suggesting that Ethereum could… Set a new all-time high soon. Given that Ethereum’s price is above $4,000, a rise to this upside target would more than double its value, representing a staggering 110% increase.
Featured image from Getty Images, chart from Tradingview.com
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