Popular technical analyst John Bollinger believes that Ethereum (ETH) and Solana (SOL) are poised to mount a big recovery.
In a new post on X, Bollinger, the creator of the Bollinger Bands technical analysis tool, says that both ETH and SOL are flashing a major bullish reversal signal.
“Potential ‘W’ bottoms in Bollinger Band terms in ETHUSD and SOLUSD, but not in BTCUSD. Gonna be time to pay attention soon, I think.”
A W bottom is a technical analysis pattern, suggesting that buyers are stepping in to create a durable price floor for an asset.
Meanwhile, traders use the Bollinger Bands to track the volatility of an asset and spot potential entry and exit price levels.
In April of this year, Bollinger issued the same Bollinger Bands W bottom for Bitcoin (BTC). The largest crypto by market cap rallied by about 30% after a month.
In September of 2022, Bollinger said that it was time to pay attention to ETH after breaking out of a Bollinger Bands squeeze. Ethereum went on to rally and print over 200% in less than two years.
Bollinger’s bullish call on Solana and Ethereum comes after the crypto markets witnessed two massive liquidation events in the past two weeks. Ethereum plunged to $3,392 and Solana dropped to $157.
Last week, Ethereum bull and Fundstrat managing partner Tom Lee said that ETH could skyrocket to $62,000 per token if the layer-1 platform becomes a dominant global payments infrastructure.
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