Legendary trader John Bollinger, best known for developing the widely used “Bollinger Bands” indicator, has recently shared his insights on Ethereum (ETH) and Solana (SOL). According to Bollinger, both cryptocurrencies are potentially forming W bottoms—a chart pattern that often signals a trend reversal after a substantial downtrend.
In his social media post, the prominent chartist stated, “Gonna be time to pay attention soon, I think,” hinting that these digital assets might be on the verge of a significant move upward.
### What Is a W Bottom?
The “W” bottom is a much-coveted technical pattern characterized by two distinct lows resembling the two dips of the letter “W,” separated by a peak that mirrors the middle point of the letter. A key feature of this formation is that the second low usually comes with substantially higher trading volume, indicating strong buyer interest and increasing the likelihood of a bullish reversal.
Earlier this year, in early April, Bollinger observed a classic W bottom forming on the Bitcoin chart. The cryptocurrency subsequently rallied over 50%, showcasing the pattern’s potential accuracy. However, his most recent comments on Bitcoin were less encouraging for bulls, as he specifically noted that there was no sign of a W bottom forming this time around.
### Is the Bottom Near for ETH and SOL?
Both Ethereum and Solana experienced significant losses earlier this month amid a wider crypto market crash. This downturn was exacerbated by escalating trade tensions between the US and China. Additionally, concerns about the health of regional banks intensified after Western Alliance and Zions Bancorp disclosed bad loans, further weighing on the market.
Ethereum is currently down 21.3% from its record high of $4,946, reached two months ago. Meanwhile, Solana has plunged 37% from its all-time peak of $293.3 registered back in January.
If John Bollinger’s assessment proves accurate, both ETH and SOL could be primed for a notable upside move in the near future. Traders and investors may want to keep a close eye on these developments as the market unfolds.
https://u.today/legendary-trader-bollinger-says-its-time-to-pay-attention-as-eth-and-sol-show-reversal-signs