John Bollinger Spots Bullish ‘W’ Bottom Patterns Forming on Ether and Solana Charts

Renowned technical analyst John Bollinger, creator of the Bollinger Bands volatility indicator, has identified potential bullish reversal patterns forming on Ether (ETH) and Solana (SOL) charts. 

According to the expert, these “W” bottom patterns could signal significant upward movement ahead. He also added that if Bitcoin follows suit, the broader crypto market could soon see a major shift.

‘W’ Bottoms Hint at a Possible Turnaround

Bollinger noted that both Ether and Solana appear to be forming “potential ‘W’ bottoms” on their respective Bollinger Band charts, a pattern that historically indicates a reversal from bearish to bullish momentum. “Gonna be time to pay attention soon, I think,” Bollinger said in a post shared with traders.

So far, Bitcoin has yet to form a similar pattern, though it may be in the process of building a base. Ether has tested the $3,700 level twice in October before bouncing higher, while Solana mirrored that move with two dips to around $175, followed by a modest recovery.

Bitcoin, meanwhile, has shown a different trajectory, making a sharp “V-shaped” dip below $104,000 on Friday before rebounding over the weekend. The world’s largest cryptocurrency continues to trade near the lower end of a range-bound channel that has persisted since mid-May, when Bitcoin first surged into six figures.

What’s Next for Bitcoin?

Interestingly, crypto analyst Satoshi Flipper recalled that the last time Bollinger urged traders to “pay attention” was in July 2024, just before Bitcoin’s historic rally from $55,000 to over $100,000 in the following six months.

“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,” the expert said during that earlier call.

After months of tight trading ranges, Bitcoin’s Bollinger Bands have widened once again, suggesting a return of volatility. The expansion follows last weekend’s record leverage flush, which wiped out billions in overextended futures positions. Analysts had warned of this “volatility storm” as early as September.

Despite the rebound, Bitcoin’s volatility has cooled into the weekend, offering temporary relief to traders. However, market sentiment remains mixed. Trader Crypto Tony warned that BTC could still fall further before finding a firm bottom.

“Bitcoin, I see us dropping to $95,000, possibly testing the $91,000 region before we find a bottom,” he wrote on X, adding that even such a move would be “bullish in the bigger picture.”