Renowned technical analyst John Bollinger has spotted potential bullish signals on the charts of Ether and Solana, noting that both assets may be preparing for a significant move, especially if Bitcoin follows suit.
Bollinger, the creator of the Bollinger Bands volatility indicator, said Ether and Solana are showing signs of forming “W” bottoms, a pattern often seen as a bullish reversal signal. However, he noted that this setup has not yet appeared on Bitcoin’s chart.
Ether has twice dropped to around $3,700 this month before rebounding, while Solana similarly dipped to about $175 in October and then saw a modest recovery. In contrast, Bitcoin formed a sharp “V”-shaped dip last week, sliding below $104,000 before bouncing back over the weekend. It now trades near the lower end of the range that began in mid-May when the cryptocurrency first crossed into six-figure territory.
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Analysts Recall July 2024 Signal as Bitcoin Volatility Returns
Crypto analyst “Satoshi Flipper” pointed out that the last time John Bollinger issued a similar alert was in July 2024, just before Bitcoin surged from below $55,000 to over $100,000 in the following six months.
At that time, Bollinger noted, “It is indeed time to pay attention. That’s a real Squeeze, and the controlling feature is a two-bar reversal at the lower band.”
Now, after months of tight consolidation, Bitcoin’s Bollinger Bands have started to widen again in October, signaling a new wave of volatility. The expansion follows last weekend’s record leverage flush, a move that many analysts had forecasted during the quiet market conditions in September, calling it the setup for an incoming “volatility storm.”
