A closely followed trader believes that the layer-1 protocol Solana (SOL) may have just flashed a strong bullish reversal signal.
Pseudonymous trader Inmortal tells his 231,500 followers on the social media platform X that Solana appears to have set a massive bear trap earlier this month when the price of SOL briefly dropped below $100.
A bear trap is a false signal that makes it appear that the price of an asset is heading to much lower levels, but instead, the price abruptly reverses and rallies, leaving short-sellers trapped.
Says Inmortal,
“That weekly candle is maybe the biggest bear trap I’ve ever seen, SOL.”
The analyst now believes that SOL is setting the stage for strong rallies en route to a new all-time high of $340 by December 2025.
“In retrospect, it will be so obvious, SOL.”
At time of writing, Solana is trading for $128.19, down over 3% on the day.
Looking at Bitcoin, Inmortal thinks that BTC will trade between $74,000 and $95,000 in the coming months before sparking a breakout rally toward the end of the year.
“Expecting something like this:
> Bounce to $90,000
> More chop/ranging ($67,000 maybe)
> Uptrend in the second half of this year
Maybe not in this exact order.
BTC.”
Based on the trader’s chart, he appears to suggest that Bitcoin will soar close to $130,000 by the end of 2025. At time of writing, Bitcoin is worth $84,943.
Turning to the memecoin Floki (FLOKI), Inmortal thinks the altcoin is at a price level where it can potentially carve a major cycle bottom.
“Accumulating more FLOKI at these levels.
RSI (relative strength index) is at the same levels it was 700 days ago, and price at pre-bullrun levels.”
The RSI is a momentum indicator that can help traders spot levels where an asset is oversold or overbought. At time of writing, FLOKI is worth $0.000057.
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Generated Image: Midjourney
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