SOL Eyes Significant Upside: Why This Trader Remains Bullish Despite Market Skepticism

Solana (SOL) has captured the attention of seasoned market participants, with prominent trader Eugene Ng Ah Sio reaffirming his constructive outlook on the asset. According to recent statements shared with his followers, his conviction on SOL remains unwavering—a stance rooted in both technical merit and contrarian positioning.

The Technical Case for Optimism

From a charting perspective, SOL presents one of the most compelling setups among major cryptocurrencies. The token has demonstrated superior relative strength compared to its peers, and Eugene highlights that the price action exhibits what he describes as a clean, well-defined structure. This technical clarity matters because it reduces trading noise and provides clearer risk management levels.

The price targets on the table are ambitious: Eugene sees potential for SOL to reach $160 or even $200 in the near term, contingent on Bitcoin maintaining momentum toward the $100,000 level. With SOL currently trading around $141.12 as of January 12, this upside scenario would represent meaningful appreciation. Bitcoin’s recent push to $91.77K suggests the broader market conditions may be aligning for such a move.

The Contrarian Argument

What’s particularly interesting about Eugene’s thesis is his emphasis on the contrarian nature of the opportunity. He notes that the lack of obvious bullish catalysts is itself a feature, not a bug. “By the time everyone has reasons to go long, half the move is already done,” the logic goes. This perspective suggests that current skepticism may actually be creating the best entry conditions—a classic contrarian setup where conviction precedes consensus.

The Bigger Picture on Bitcoin

Eugene’s broader market view hinges on Bitcoin holding the $90,000 support level, which he interprets as a healthy consolidation phase before the next leg of the bull run. The current pullback, in his assessment, represents the first shakeout rather than a fundamental reversal. If this thesis holds, it would set the stage for sustained upside across the crypto complex.

The trader’s posture remains one of patience—he re-entered SOL positions earlier this month and has made no changes to that strategy. This conviction through volatility is telling about his conviction in the medium-term setup.