A widely followed cryptocurrency trader is turning bullish on Solana (SOL<\/a>) while expressing his reservations about the Ethereum (ETH<\/a>) competitor.<\/p>\n The trader pseudonymously known as Credible Crypto tells<\/a> his 460,500 followers on the social media platform X that Solana passed the \u201cfirst test\u201d by bouncing off the \u201cmust-hold\u201d level of roughly between $165 and $190 and subsequently reaching a new all-time high of approximately $293.<\/p>\n The widely followed analyst says that even though Solana is likely to climb higher, there\u2019s one reason holding him back from going long on the fifth-largest crypto asset by market cap.<\/p>\n \u201cFor what it\u2019s worth, I think we are likely to make another subsequent new high here BUT the reason I am not interested in longing at these levels (except for short-term scalps) is because of the Bitcoin (SOL\/BTC) pairing.\u201d<\/i><\/p>\n According to the pseudonymous analyst, the SOL\/USD pair is in price discovery but Solana against Bitcoin (SOL\/BTC<\/a>) is sitting under a zone of \u201cmassive\u201d resistance level at around 0.003 BTC. Credible says that the resistance zone could either impede Solana\u2019s upward movement for a while or cause a \u201cmuch more significant rejection and pullback.\u201d<\/p>\n On what it would take to turn fully bullish on Solana, the widely followed analyst says,<\/p>\n \u201cIf we can flip this [0.003 BTC resistance] zone, I\u2019d be full bull on SOL once again, but as long as we are trading under it, it\u2019s the most likely place for a rejection and I think odds are pretty decent we get one (all things considered).\u201d<\/i><\/p>\n Solana is trading at $237 (0.0022685 BTC) at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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