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SOL, AVAX, DYDX, REN set to soar high! Analyst predicts next levels

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Following a week of huge market volatility caused by China’s crypto prohibition, Bitcoin’s value increased by 4.35 percent on Tuesday. As greens ruled most cryptos, Ether saw a 0.84 percent boost, while Dogecoin had a massive price surge of 11.19 percent.

Cardano, Tether, and Ripple are just a few of the major cryptocurrencies that have seen their prices rise.

Popular Analyst and trader pseudonymously known as “Altcoin Sherpa” on Twitter has predicted rallies for smart contracts platforms Solana and Avalanche. He also predicts next levels for DyDx and Ren

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Solana(SOL)

The analyst tells that  the recent price spike in smart contract platform Terra (LUNA) has convinced him that Solana would break out sooner than he anticipated.

“$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.”

At the time of writing, SOL is trading at $168.77 down by 1.7% in the last 24 hours. 

Avalanche(AVAX)

The Sherpa notes that while he took some profits on AVAX at $70, he still has a stake and expects another run up. He says, 

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With the success of NFTs, L1s have one more leg to go.

At the time of writing, AVAX is trading at $65.73 down by 2% in the last 24 hours. 

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dYdX(DYDX)

The decentralised exchange dYdX (DYDX) is next, with a gain of 26% in the last week to $24.66 at the time of writing. After a small retreat, the trader predicts the coin will surpass all-time highs.

“$DYDX: This is what you want to see for continuation-consolidation at the .382.”

However, he also mentions that a small pullback can be seen at ATH levels but he expects this to break all time high levels.

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At the time of writing, DYDX is trading at $23.02 down by 7.3% in the last 24 hours.

Ren(REN)

Next up on the analysts watch is the digital asset transfer software Ren. Sherpa sees an upward trend with noticeable higher highs and lower lows on the chart. He further adds that a new low around $1 could be a solid buying area. 

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At the time of writing, REN is trading at $1.25 up by 5.3% in the last 24 hours.

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SOL

Grayscale adds SOL and UNI to Digital Large Cap Fund portfolio

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Grayscale Investments, a New-York based crypto asset manager, now includes Solana’s SOL and Uniswap’s UNI tokens in its Grayscale Digital Large Cap Fund (GDLC) portfolio after rebalancing its basket of cryptocurrencies. 

The quarterly rebalancing of GDLC is done by selling existing components of the portfolio for cash and procuring well-performing crypto assets. Based on the adjustment, SOL and UNI make up 3.24% and 1.06% of the fund’s components, respectively, while Grayscale continues to cut down on Litecoin (LTC) and Bitcoin Cash (BCH) holdings.

After the previous quarterly rebalancing, Grayscale’s portfolio included 4.26% of Cardano’s ADA, making it the third-largest asset in the Digital Large Cap Fund. However, the latest adjustment means that ADA now represents 5.11% of the fund.

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Bitcoin (BTC) and Ether (ETH) continue to own a lion’s share of the GDLC crypto basket at 62.19% and 26.08%, respectively. Chainlink’s LINK token, Bitcoin Cash and Litecoin together represent 2.32% of the GDLC basket, which is down from 2.88% in July.

Grayscale has not made quarterly adjustments to its DeFi Fund, which is currently dominated by UNI at 45.20% and AAVE at 14.11%.

Grayscale’s products continue to gain mainstream attention, with financial giants such as Morgan Stanley more than doubling their investment on Grayscale’s single asset Grayscale Bitcoin Trust.

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As Cointelegraph previously reported, Morgan Stanley has invested in a total of 58,116 shares of Grayscale Bitcoin Trust as of July via its Europe Opportunity Fund, indicating a 105% increase in shares since April.

The firm’s move toward aggressive crypto investments follows a recent announcement from March 2021 aimed at providing investors exposure to Bitcoin.

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Amid Solid Boost to SOL price, SRM, SBER, SLIM, RAY Hit ATH!

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The Crypto space witnessed a massive drop in the recent past that resulted in a notable loss for most of the assets. The BTC dropped by $7000 within 2 hours. And major altcoins like ETH, XRP, ADA are losing value in double digits and trying hard to find strong support zones. 

Meanwhile, SOL outperformed most of the altcoins. With a slight pullback, SOL is now trying hard to rebound at $200. With SOL, its related coins SBR, SRM, SLIM, and RAY hit new ATH. SOL and its related coins are ruling the crypto market from the past week. 

Saber (SBR):

SBR has experienced massive profits in the last few days. The price spiked by 358% from $0.2786 to $1.0049 on September 11th, 2021. SBR attempts to hit $1.5 went in vain as bears overtook the market. Yet the asset appears to propel high despite the rise in the bear market sentiments. SBR formed a strong support zone between $0.542 and $0.723. If the price breaks between that level, then possible SBR would surpass the $2 mark soon.

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Serum (SRM):

The Serum responded well to the market crash, recording ATH $12.81 on September 9th, 2021. SRM price appears to be more stable compared to other prominent assets. After an intense rally in the first quarter of 2021, the price dropped by 300% from $11.7 to $3.8 on 23rd May 2021. However, the price recovered soon, and in the recent market crash, it didn’t fall for a pray. The SRM price is now looking for a strong zone around the $10 mark. A notable break from there, post-consolidation, a $20 mark would become imminent.

Solanium (SLIM):

SLIM is a decentralized platform built on the SOL chain. The network aims to offer decentralized fundraising, time-weighted token staking, and governance voting. The SLIM price gained massive profits in the first week of this month. The price surged by 500% from $0.5767 to hit ATH  $4.05 on 7th September 2021. Woefully, the recent market crash stumbled the price to $2.659. Yet the token bounced back perfectly, now it is forming a crucial support zone between $3.5 and $4. Currently, it is important for the price to consolidate to rise further.

Raydium (RAY):

RAY price amazed the crypto market with exceptional spikes that faded later. With the study rise, the RAY price hit ATH $15.88 on 5th May 2021. The Mid-May market collapse affected the RAY price to a larger extent until August. With the boost to the SOL price in mid-August, RAY gained massive profits surged by 300% from $4.96 to $15.54 on 9th September. However, at present, the price is retesting at $13 and a bounce could bring a drastic change in price further.

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Overall, SOL ecosystem coins are flourishing to new highs. As many other prominent altcoins are recovering their losses. If the same trend continues further, then that day is not distinct where-in the Solana-based assets make their way to the top 20. 

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