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A rare signal from a legendary market analyst has caught traders’ attention as the Ethereum and Solana price begins to show potential reversal signs. With the broader crypto market still in a slump, a subtle alert from the inventor of one of the most respected technical indicators has analysts wondering whether a major shift is about to unfold in ETH and SOL.
John Bollinger, technical analyst and inventor of the world-famous Bollinger Bands indicator, has shocked the broader crypto community after identifying potential “W” bottoms forming on the Ethereum and Solana charts. In his market commentary on X social media, Bollinger noted that while Bitcoin has yet to exhibit similar signals, the ETHUSD and SOLUSD pairs are shaping up in a way that demands attention.
Notably, Bollinger’s cautious but bullish statement immediately drew attention from fellow market analysts. Satoshi Flipper, a well-known crypto expert, revealed that Bollinger typically makes only one such market call each year and has not issued one for Ethereum in three years. He disclosed that the last time the Bollinger Bands inventor made a similar statement was in September 2022, just before the ETH price surged from around $1,290 to nearly $4,000.
Due to Bollinger’s selective and historically accurate calls, analysts see it as an early sign of a potential reversal of a downtrend or consolidation into an explosive breakout. If the inventors’ analysis proves accurate once again, both Ethereum and Solana could be sitting at the foundation of one of their strongest bull rallies
Two separate technical analyses also highlight an optimistic outlook for the Ethereum and Solana prices. Crypto analyst Lark Davis highlighted that Solana’s chart structure appears “very constructive,” with the Relative Strength Index (RSI) approaching a momentum breakout and the Moving Average Convergence Divergence (MACD) gearing up for a bullish cross.
Davis noted that Solana’s price action is forming a clear Double Bottom, a classic reversal pattern. Should the neckline break, he projects a potential price target near $250, provided bulls can defend the 200-day EMA. With Solana trading around $192, a rally to that target would mark roughly a 30% gain.
Ethereum’s technical outlook is even more dramatic. Analyst Merlijn the Trader stated on X that ETH has been developing the most explosive setup since the 2017 bull cycle, pointing to a textbook Bullish Pennant pattern on the monthly chart. Historically, such formations precede massive continuation once the price breaks above the upper boundary of the pattern.
Merlijn’s chart analysis projects an eventual breakout target around $8,500, suggesting that Ethereum could set a new all-time high soon. Considering that the ETH price is sitting above $4,000, a surge to this bullish target would more than double its value, marking an impressive 110% increase.
