A well-liked crypto strategist and dealer is saying that one Ethereum rival is poised for a breakout and one little-known altcoin is positioning for a rally.
Pseudonymous crypto analyst Smart Contracter tells his 198,400 Twitter followers that he’s keeping track of Solana (SOL), a blockchain targeted on being scalable whereas remaining safe and decentralized.
According to the analyst, Solana appears to be like prepared to escape from an ascending triangle sample and ignite a robust rally in opposition to Bitcoin (SOL/BTC).
“SOL/BTC on the weekly appears to be like prefer it’s gagging for a breakout and new excessive. Four touches of the higher stage.
Only so lengthy it might probably maintain earlier than it breaks.”
The crypto strategist depends on the Elliott Wave idea, a technical evaluation strategy that forecasts future price motion by following the psychology of market members that tends to manifest in waves.
Based on the dealer’s chart, SOL/BTC is presently within the early innings of its wave 5 rally that might take the pair to as excessive as 0.0068 BTC ($338.84). With the pair’s present price of 0.0038 BTC ($189.35), a transfer to Smart Contracter’s goal represents a possible upside of almost 80%.
Another coin on the dealer’s checklist is Synapse (SYN), a cross-chain protocol that permits customers to switch and swap crypto belongings throughout layer-1 and layer-2 ecosystems. According to Smart Contracter, he sees Synapse massively outperforming Ethereum (SYN/ETH) within the coming weeks.
“With all of the layer-1s competing in opposition to one another, accumulating one thing that bridges all of them collectively looks like a picks and shovels play to me.
SYN chart appears to be like wonderful in opposition to ETH right here on the weekly and permits you to bridge to nearly each single chain from any chain.”
At time of writing, SYN is exchanging fingers at $2.94, up over 13% within the final 24 hours.
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Featured Image: Shutterstock/Vidoslava/Fotomay
