Solana, Avalanche, and Polygon Breakout as One DeFi Altcoin Slashes Bearish Market: Top Crypto Analyst
A crypto analyst who has accurately called the bottom of the 2018 Bitcoin (BTC) bear market says three of the cryptocurrencies are in the midst of a breakout.
The pseudonymous analyst known in the industry as Smart Contracter tells his 210,500 Twitter followers that Ethereum (ETH) competitor Solana (SOL) has cleared resistance to forming a symmetrical triangle.
“Stops accumulation for several months in SOL.”
At the time of writing, SOL is trading at $46.98.
The crypto strategist says fellow Avalanche (AVAX) smart contract protocol as well as the Ethereum Polygon (MATIC) scaling solution have also sparked resistance in their triangles.
At the time of writing, AVAX is trading at $29.44, down 1.38% on the day.
At the time of writing, MATIC is swapping hands for $1.03, up 2.47% in the last 24 hours.
Looking at the Aave Borrowing and Lending Protocol (AAVE), Smart Contracter believes that the decentralized finance alternative currency is in the process of carving a cycle bottom against Bitcoin (AAVE/BTC).
“An old favourite, AAVE has bottomed out for BTC.”
Looking at Bitcoin itself, the Smart Contracter believes that BTC is about to break through its immediate resistance at $24,700 and launch a rally towards the next resistance at $30,000.
“If BTC breaks $24,000, any corrective WXY structure from the lows is invalid in my view, and this move higher will be a bullish build-up and a 1-2 second streak.
[BTC] It hasn’t exploded yet, but I suspect it will.”
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Featured Image: Shutterstock/SimpleB/Nickelser Kate