Prominent trader Eugene Ng Ah Sio predicts a market upswing following the upcoming November elections, expressing strong optimism for Solana ($SOL) in a recent social media analysis. Ng Ah Sio believes the market has cleared out speculative long positions established in October, paving the way for renewed growth.
Ng Ah Sio anticipates that market participants largely intended to reduce risk exposure in the lead-up to the November 5th elections. This de-risking, he notes, occurred slightly earlier than expected, influencing his own defensive positioning in recent days. However, he now sees the market as primed for a continued upward trajectory.
Central to his bullish outlook is Solana, which Ng Ah Sio identifies as the standout asset since the surge of AI-related memecoins. He cites the concentration of activity on the Solana blockchain as the primary driver behind his conviction.
Further bolstering his argument, Ng Ah Sio points to Solana’s strong technical performance. He highlights the cryptocurrency’s successful retest of a six-month resistance level, which has subsequently flipped into a support level. This, combined with Solana’s demonstrable relative strength, presents a compelling buying opportunity, according to the trader.
“With positioning cleared now and prices materially higher,” Ng Ah Sio stated, “I think we can continue the uptrend after elections.” He acknowledges the aggressive nature of his current stance, attributing it to the confluence of several key factors, including the washout of speculative long positions and the anticipated pre-election de-risking.
