In the ever-turbulent sea of cryptocurrency, a new forecast has emerged from the depths, catching the attention of enthusiasts and investors alike. A well-known crypto analyst, going by the pseudonym Inmortal, has shared a bold prediction with his substantial following of 214,800 on the social media platform X. According to Inmortal, Ethereum (ETH), the blockchain behemoth, is gearing up for a parabolic ascent that could see its value skyrocket to a new all-time high of around $8,000 by the end of the year.
Inmortal's analysis suggests that Ethereum will likely spend the coming months in a consolidation phase, with its value oscillating between $4,000 and $2,800. However, starting in October, ETH is expected to kick off a year-long parabolic rally, propelling it to unprecedented heights. At the time of writing, Ethereum's price stands at $2,903, marking a decline of over 4% on the day.
Turning the lens towards Ethereum's rival, Solana (SOL), Inmortal paints a less certain future. He posits that SOL could face downward pressure unless it manages to surpass a pivotal mark of $160 and forms a bullish higher high structure. "Bulls defending $120 level, taking no prisoners. I don't want to see the bouncing ball structure develop. A higher high would be key," Inmortal states. Currently, Solana is trading at $130, experiencing a significant dip of over 8% in a single day.
Not overlooking the meme coin domain, Inmortal identifies a promising setup for Floki (FLOKI). Drawing parallels to its April 2024 price action, when it momentarily dipped below the $0.00016 support level before rallying, he suggests that FLOKI might be on the verge of a similar bullish deviation and retest structure. Presently, FLOki's valuation hovers at $0.000135, down more than 10% in the past 24 hours.
As the crypto market continues its unpredictable journey, predictions such as Inmortal's offer a glimpse into potential future trajectories. While the analyst's track record and the rationale behind the forecasts add weight to the predictions, it's crucial for investors to approach these insights with caution, conducting their own research and considering the inherent volatility of the cryptocurrency market.
Stay tuned to the latest market trends and analyses by following industry experts and engaging with the crypto community. Whether Ethereum's predicted surge will materialize or Solana and Floki will follow their forecasted paths remains to be seen, but one thing is certain: the crypto world continues to offer a thrilling ride.
