A rare signal from a legendary market analyst has caught the attention of traders as Ethereum and Solana price begins to show potential signs of reversal. With the The broader crypto market is still in recessiona subtle alert from the inventor of one of the most respected technical indicators has analysts wondering if a major change is about to happen in ETH and SOL.
Bollinger Inventor Signals Ethereum, Solana Price Explosion
John Bollinger, technical analyst and inventor of the famous Bollinger Bands Indicatorshocked the broader crypto community after identify potential “W” funds forming on Ethereum and Solana charts. In his social media market commentary X, Bollinger note that while Bitcoin has yet to exhibit similar signals, the ETHUSD and SOLUSD pairs are shaping up in a way that demands close attention.
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Notably, Bollinger’s cautious yet optimistic statement immediately caught the attention of his fellow market analysts. Satoshi Flipper, a well-known cryptography expert, revealed that Bollinger typically only makes one such market call each year and has not issued one for Ethereum in three years. He disclosed that the last time the inventor of Bollinger Bands made a similar statement was in September 2022, just before the price of ETH rose from around $1,290 to almost $4,000.
Due to Bollinger’s selective and historically accurate calls, analysts see this as an early sign of a potential reversal of a downward trend or consolidation into an explosive breakout. If the inventors’ analysis once again proves correct, Ethereum and Solana could be the basis of one of their strongest bull rallies.
Analysts predict bullish targets for ETH and SOL
Two separate technical analyzes also highlight an optimistic outlook for Ethereum and Solana prices. Crypto analyst Lark Davis highlighted that the graphic structure of Solana seems “very constructive”, with Relative Strength Index (RSI) an approaching dynamic breakout and the Moving Average Convergence Divergence (MACD) are preparing for a bullish crossover.
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Davis noted that Solana’s price action is a clear sign Double bottoma classic reversal pattern. In the event of a breakdown of the neckline, he foresees a potential price target near $250, provided bulls can defend the 200-day EMA. With Solana trading around $192, a rally towards that target would represent a gain of around 30%.
The technical outlook for Ethereum is even more spectacular. Analyst Merlijn the trader declared on X, ETH developed the most explosive pattern since the 2017 bull cycle, pointing to a textbook Bullish pennant pattern on the monthly chart. Historically, such formations precede a massive continuation once price breaks the pattern’s upper boundary.
Merlijn’s chart analysis projects a possible breakout target around $8,500, suggesting that Ethereum could will soon set a new absolute record. Given that the ETH price sits above $4,000, a surge towards this bullish target would more than double its value, marking an impressive 110% increase.
Featured image from Getty Images, chart from Tradingview.com
