SOL May Dip Lower Before Having an Explosive Rally, ETH Rival Solana (SOL) Analyst Says

In a new strategy session, pseudonymous crypto trader Inmortal tells his 229,300 followers on the social media platform X that Solana (SOL) may decline further due to fears over the impact of an upcoming massive token unlock of more than 11 million SOL.

A popular crypto analyst is keeping a close eye on one Ethereum (ETH) rival, which he believes may take another dip before an explosive rally.

The pseudonymous crypto trader, known as Inmortal, shared his analysis with his 229,300 followers on the social media platform X in a recent strategy session.

According to Inmortal, Solana (SOL) may decline further due to fears over the impact of an upcoming massive token unlock of more than 11 million SOL.

Token unlocks are often viewed as bearish for a crypto asset as it implies more available supply for selling. However, unlocks don’t always lead to corrections or crashes, and sometimes even precede rallies.

“If bottom is not in, it’s very, very close. My take is:

After we get zero reaction to unlocks, we accelerate again.”

Solana is trading at $168 at the time of writing, down 4.5% in the last 24 hours.

The analyst also expresses bullishness towards Bitcoin (BTC) as the leading crypto asset continues to hold $92,500 as support on the 12-hour chart.

“Imagine being bearish.”

Finally, the analyst reiterates his prediction that ETH will hit $4,400 by June.

“You know what happens when FUD (fear, uncertainty and doubt) doesn’t impact the price? This dream is still in play. Slow grind plus god candle.”

ETH is trading at $2,683 at the time of writing, down 1.7% in the last 24 hours.