A trader who continues to build a large following with his timely altcoin calls says that one of Ethereum\u2019s biggest competitors may be following ETH<\/a>\u2018s early stages of growth.<\/p>\n Pseudonymous trader Cantering Clark shares a chart with his 159,000 Twitter followers showing uncanny similarities between the price action of Solana (SOL<\/a>) today and Ethereum\u2019s in 2018.<\/p>\n \u201cEarly ETH vs SOL.\u201d<\/em><\/p>\n The trader\u2019s chart shows both assets bouncing off a support level mutiple times, then collapsing through it before making a lower low and then a rebound.<\/p>\n From its 2018 low, Ethereum ultimately rallied 5,777% to its all-time high, from $83 to $4,878. With Solana\u2019s recent low of $8, a similar move for SOL would suggest a rally to roughly to $462 before the next bear market.<\/p>\n Looking at the rest of crypto markets, Cantering Clark says<\/a> that the \u201cJanuary effect,\u201d referring to cypto\u2019s tendency to rally at the beginning of the year, is likely over. He predicts a correction in the near term, potentially triggered by poor earnings reports or other macroeconomic announcements.<\/p>\n \u201cThe 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\u2026<\/em><\/p>\n If I had to guess.<\/em><\/p>\n Take it back to 20k area, and chop people up left and right before continuing.\u201d<\/em><\/p>\n The trader says BTC lacks a lot of liquidity between $23,000 and about $21,000 which could mean price falls rather quickly until the next major level.<\/p>\n \u201cI don\u2019t really care to do anything aggressive while Bitcoin is at the top of the range.<\/em><\/p>\n Flipping 25k might change my mind.<\/em><\/p>\n There are some really imbalanced areas that price likes to revisit and could cut through like butter.<\/em><\/p>\n Eyes on anchored yearly vwap (volume weighted average price) and Jan 23rd low.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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