A closely followed crypto trader is predicting rallies for smart contract platforms Solana (SOL) and Avalanche (AVAX), plus two other altcoins.
The pseudonymous trader known as Altcoin Sherpa tells his 130,200 followers on Twitter that the recent price surge in smart contract platform Terra (LUNA) has him convinced that Solana will break out sooner than he had expected.ADVERTISEMENT
“$SOL: I had an idea that #Solana would range between 130-175 for a while but seeing what LUNA just did, I think this actually breaks out sooner rather than later.”
SOL is up 18% over the last seven days with a price of $168.92 at time of writing, according to CoinGecko.
Regarding AVAX, the Sherpa says that while he did take some profits at $70, he still holds a position and anticipates another leg up.
$AVAX: I still have a large bag of this; I took some profits at $70 but have mostly chilled in it the last few weeks. Playing some coins on the #AVAX ecosystem but thats about it. With NFTs doing well, I think L1s have 1 more leg to come. pic.twitter.com/q8UECtShwE— Altcoin Sherpa (@AltcoinSherpa) October 3, 2021
Next up is decentralized exchange dYdX (DYDX), which surged 26% over the past week to $24.66 at time of writing. The trader believes the token could surpass all-time highs after a small pullback.
“$DYDX: This is what you want to see for continuation-consolidation at the .382.
We may see a small pullback at ATH lvls but I expect this to break all time high levels.”
When looking at digital asset-transfer software Ren (REN), Sherpa sees an upward trend with noticeable higher highs and lower lows on the chart.
“$REN: To me, the trend still looks really bullish.
Clear highs and lows painted on the chart.
A new low around $1 could be a solid buying area.”
REN is currently valued at $1.17 at time of writing, up 7% over the past week according to CoinGecko.
Altcoin Sherpa wraps up his chart analysis by looking at crypto industry leader Bitcoin, targeting $53,000 as a possible breakout level after a pullback to $48,000.
“$BTC: I’m still incredibly bullish in the mid-term; I think that we may see some small pullback from 53->48 or something but I am not expecting much lower.
Bullish MS once 53k gets broken IMO.”
Over the past week, Bitcoin has risen 13% to $48,849 at time of writing, according to Coingecko.
Solana (SOL) New Prediction Is Out: SOL To Outperform Bitcoin And Ethereum – How High Can It Go?
Amidst the booming crypto market, there are all kinds of bullish predictions and the latest one involves Solana (SOL).
It’s been recently revealed that an important crypto trader and an analyst said that Ethereum competitor Solana is gearing up to surge by more than four times from the current level.
Smart Contracter said the following:
The trader relies on the Elliot Wave theory.
eth/btc looks bullish, sol/btc looks bullish, but sol/eth also looks bullish, so naturally $sol is my largest bag and i believe it outperforms btc and eth. pic.twitter.com/gCSFAICpYk— Bluntz (@SmartContracter) October 20, 2021
It’s essential to note the fact that the Elliot Wave theory is a method of identifying where assets are heading; it does this by using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
More SOL predictions reveal new targets for price
It’s been just revealed that the prestigious analyst Michaël van de Poppe is currently analyzing the potential path ahead for Ethereum and Solana, as well as internet-scale blockchain Elrond.
The analyst is also analyzing Solana (SOL), and he is expecting the digital asset to continue its correction before it could restart its uptrend and print a new all-time high at $240.
“At this stage, jumping into Solana is quite tricky, to be honest. If you’re looking at the price action, you want to look at support levels to jump into.”
He also continued and explained:
“So you’re looking at those ranges ($122, $97 and $78) to potentially build your position towards the next run as the assumption is that we most likely are going to get run over it in the next phase of this bull cycle.”
Top Crypto Trader Says Ethereum Rival Solana Will Outshine Both Bitcoin and ETH – Here’s His Target
A leading crypto trader and analyst says an Ethereum (ETH) competitor appears ready to surge by more than four times its current levels.
The trader pseudonymously named Smart Contracter tells his 174,900 Twitter followers that Solana (SOL) will outshine both ETH and Bitcoin (BTC).
His target price is now $900 – an appreciation of more than 360% from SOL’s current value.
The trader, who primarily relies on Elliot Wave theory, says Solana is bullish when paired against Ethereum, which is itself bullish when paired against Bitcoin.
Elliot Wave theory is a method of identifying where assets are heading using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…
ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
According to CoinGecko, Solana is trading at $192 at the time of writing, down about 10% from its September all-time high.
Smart Contracter says he believes Solana’s recent resurgence is in its early days after the altcoin rose above two key levels of resistance.
“Got SOL low key breaking downtrends of two different degrees, this bad boy runs hard when it gets going and it’s only just getting started here.”
The top crypto trader says that last month Solana began displaying similar chart behavior to Binance Coin (BNB), which surged by over 1,600% to a record high between January and May this year.
He says that if Solana replicates BNB’s pattern, a price of $900 is in the cards.
“Same vibes, same narrative…
If SOL follows the run BNB had it can go to $900.”
Solana [SOL] shatters resistance at $160; Major push ahead
Solana’s (SOL) price analysis for today remains bullish for the day, up by more than 7%. According to the data from CoinMarketCap, in the last 24-hours, the price rose by more than 17% and is currently at $189. The trading volume for the SOL token rose by 348%, making it one of the most actively traded tokens today.
Furthermore, the highest price for the coin in the last 24 hours remains at $193.6. The current price of the token is 11.75% from its all-time high at $214.96 made a month ago.
Following Bitcoin’s new all-time high, the entire market sentiment has turned bullish as ETH also reached new ATH.
Solana’s price movement in recent period
In recent days, Solana’s price has been actively bullish, rising by 194% in August, 30.5% in September, and more than 30% in October, at the time of writing.
October started with a surge of 14.28%, while a similar surge of more than 8% was witnessed on 15th October. Yesterday, the daily candle of the SOL/USDT trading pair rose by 13.44%.
Solana price analysis on the technical indicators
The technical indicators on the 1-day chart suggest that the price of the token will remain bullish in the short term as the price movement is above the 50-day and 100-day Moving Averages.
Furthermore, the price action is breaking out of the upper end of the Bollinger Bands, meaning that we will see higher prices as buying pressure increases.
The RSI indicators show that the bulls are in charge and taking the token towards the overbought zone. The current reading is above 60 while the gradient is positive, indicating a surge in buying pressure.
On the other hand, the MACD indicator represents a bullish divergence, I.e., the blue line is traversing above the orange or signal line. This scenario shows that prices will remain bullish on the daily chart.
Solana price analysis on the chart by TradingView
The final verdict of our Solana price analysis is bullish, while BTC will now eye for the $80,000 price level according to the research by Finder. This research included prominent individuals like CoinFlip founder and chief advisor Daniel Polotsky.
Hence, it would be better for you to hold the SOL token for the time being, as analysts predict a price of $274.93 by the end of 2021.