CanteringClark Gets Bullish on Solana, Other 'Oversold' Alts

June 10, 2022 Editor’s Note: As it turned out, anyone who followed CanteringClark’s guidance yesterday would have been disappointed. As Ethereum cratered below the $1,700 mark this afternoon, Solana fell to $37, while ONE fell to 3.5 cents — a roughly 10 percent decline for each.

Twitter trading oracle Cantering Clark said Thursday he was becoming bullish on Solana (SOL), Harmony (ONE), and similarly positioned altcoins due to signs of seller exhaustion, as well as the fact that their prices had landed near the low points they briefly established in May.

Solana experienced a low-volume wick down to $37 on May 11, when the Layer 1 protocol’s token price plummeted from $54. It managed to climb back to $58 five days later before spending the next month bleeding to $39, where it stood as of Thursday. Harmony’s ONE fell to 3.2 cents on the same day as Solana’s fall before climbing back to 5.3 cents — a spike of more than 50 percent. As of Thursday, it sat at 3.9 cents.

“Very similar, very clean, flat-lined positioning. These are things that could fly,” the Twitter trader said in an afternoon YouTube stream. “If we have a rally … if we ever have a rally, huge jump risk if you’re shorting.”

More than 135,000 users on Twitter follow Cantering Clark due to the fact that his predictions are often correct. But bearish market conditions have rendered some of his more recent predictions incorrect — a problem that has been common among forecasters since bitcoin dipped below $27,000 last month.

Bitcoin stood just below $30,000 as of Thursday evening, down 1 percent for the 24-hour period, and was leading a market-wide dip ahead of Friday’s Consumer Price Index (CPI) report. The S&P 500 was down 2.3 percent for the day, while the Nasdaq was down 2.74 percent.

Economists surveyed by Dow Jones expect the report to show that consumer prices rose by .7 percent in May, for a year-over-year increase of 8.3 percent. A number in excess of that figure will likely provoke the market into a further downward spiral, while a number below .7 percent would likely cause prices to spike.

It comes ahead of the Federal Reserve’s next meeting, scheduled to take place June 14-15. The Fed is expected to hike interest rates by another half-point after taking the same action at its May 4 meeting. Despite markets successfully predicting that event in advance, it sent markets into a frenzy, and precipitated bitcoin’s savage drop from $39,000 to less than $27,000.

If markets handle Friday’s CPI report well, CanteringClark said it could give investors a reprieve. “You could look at things pump 100 percent, easily, in a matter of hours,” he said. It sounds silly, but if you’ve been here, you’ve seen it before.”

Daily reminder that one day $eth will go below $1703

And at some point in the next 2 quarters your loved ones and wives will be disappointed that you didn’t sell above. That you had no courage. You brought dishonor to the family. The 5x equal lows are not safu. Patience frens https://t.co/R6uBLmXmIX pic.twitter.com/QJCFLkv5t8

— Pentoshi 🔺Flightless Bird (@Pentosh1) June 10, 2022

“If you get a move … up, it starts to move up and you don’t see a big increase in open interest, that’s kind of bullish,” he added, though he warned that any upward movement would be brief. “If these are going to bottom, it should take two, three, four months,” he said.

The prediction came even as Ethereum was perilously close to dropping below its $1,700 support — sitting just $76 above that figure — as of Thursday evening. The second-largest cryptocurrency by market capitalization, Ethereum has bounced off that figure at least five times since rising above it in March 2021. Because altcoins generally follow that token’s price movements, it is likely they will plummet when Ethereum’s support is broken.

“Daily reminder that one day $eth will go below $1,703,” another Twitter oracle, Pentoshi, wrote on Thursday evening. “And at some point in the next 2 quarters your loved ones and wives will be disappointed that you didn’t sell above. That you had no courage. You brought dishonor to the family. The 5x equal lows are not safu. Patience frens”

You can watch CanteringClark’s hour-long stream above.