A preferred crypto analyst is giving a bullish forecast for Ethereum rivals Solana (SOL), Avalanche (AVAX) and Terra (LUNA).
In a brand new video, the host of monetary schooling YouTube channel InvestAnswers says that Solana may very well be on the brink of reclaiming the three-digit price degree because it flashes a powerful bullish sign.
“There’s so much of robust bullish divergence seen in the chart right here. If you have a look at the RSI (relative power index) at the backside, you possibly can see the bullish divergence from the price motion and that compression wedge that we see…
Solana’s price motion seems to be creating not solely this bullish divergence from the RSI inside the identical timeframe, but it surely’s solely a matter of time that many imagine we might get again to $120… This is a really, very optimistic chart giving so much of optimistic outlook for the price motion of Solana.”
Solana is at the moment buying and selling at $88.38.
The analyst can also be holding a detailed watch on sensible contract platform Avalanche, which he says is now at a degree the place bulls will possible take management of the market.
“This one is seeing a similar type of a compression chart downwards action, but on the cusp of breaking out, and you can see that the price has been stuck in this descending triangle. It has had a really impressive recovery since March 15th and in fact, it’s still within the broader descending triangle, but the suggestion is it might be a good breakout or could it be a bull trap.”
At time of writing, Avalanche is exchanging palms for $85.96.
As for Terra, the crypto analyst says that the Ethereum challenger’s Sharpe ratio signifies a powerful bullish outlook.
“You all the time need your Sharpe ratio to be above 0.5… If you might be at one, it’s a excellent outcome and it means you might be crushing the market, you’re beating every thing on the market…
The LUNA Sharpe ratio is 4.36. It’s off the charts optimistic. This factor is only a beast and there’s many individuals calling for a $200 Luna in in the close to time period, but in addition probably, $200 Avalanche, $200 SOL. Either approach these three are variety of winners proper now.”
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