High probability spikes in sight for Solana and one other Ethereum competitor, according to top analysts
A famous crypto strategist says rallies are looming for two of Ethereum (ETH) competitors, including Solana (SOL).
Crypto analyst pentoshi tells of his 556,200 Twitter followers that he believes Solana is on the cusp of a rally as traders are excessively bearish on the smart contract platform while hovering at a key support level.
“I bought some SOL. Been looking for some responses yesterday and the general consensus now is (compared to this original post that people are going to buy at $3-5). I think the green line [playing] Of high probability. Ecstasy at the highest levels to fear from the lowest levels.”
At the time of writing, Solana is trading at $42.07, up 1.70% in the last 24 hours.
The next currency in the list of traders is the affiliate smart contract platform Avalanche (AVAX). According to Bentoshi, AVAX’s ability to stay above the $25 support area increases the potential for a rally to its $40 target.
“If I close today inside the lower range, I will be in new long trades. It offers clearly defined limits / voids for a trade taken for my trading style in the high time frame of the 1 day, 3 day and 1 week support.”
At the time of writing, AVAX is trading at $24.02, an increase of more than 5% in the past day.
As for the broader digital asset markets, Bentoshi Says There is a very good chance that the cryptocurrency will bounce back soon when sentiment swings from very bearish to very bullish.
“It feels like everyone is going to go from saying it’s over, dead, zero to calling an alternate season and celebrating on the schedule, only to find out it means bouncing off the high timeframe pivots. I’ll put a more than 50% chance of that happening soon.”
The crypto strategist also warns traders that more than 90% of the cryptocurrencies in existence today will never revisit their all-time highs.
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