A popular crypto strategist and trader is saying that one Ethereum rival is poised for a breakout and one little-known altcoin is positioning for a rally.
Pseudonymous crypto analyst Smart Contracter tells his 198,400 Twitter followers that he’s keeping an eye on Solana (SOL), a blockchain focused on being scalable while remaining secure and decentralized.
According to the analyst, Solana looks ready to break out from an ascending triangle pattern and ignite a strong rally against Bitcoin (SOL/BTC).
“SOL/BTC on the weekly looks like it’s gagging for a breakout and new high. Four touches of the upper level.
Only so long it can hold before it breaks.”
The crypto strategist relies on the Elliott Wave theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that tends to manifest in waves.
Based on the trader’s chart, SOL/BTC is currently in the early innings of its wave five rally that could take the pair to as high as 0.0068 BTC ($338.84). With the pair’s current price of 0.0038 BTC ($189.35), a move to Smart Contracter’s target represents a potential upside of nearly 80%.
Another coin on the trader’s list is Synapse (SYN), a cross-chain protocol that enables users to transfer and swap crypto assets across layer-1 and layer-2 ecosystems. According to Smart Contracter, he sees Synapse massively outperforming Ethereum (SYN/ETH) in the coming weeks.
“With all the layer-1s competing against each other, accumulating something that bridges them all together feels like a picks and shovels play to me.
SYN chart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”
At time of writing, SYN is exchanging hands at $2.94, up over 13% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vidoslava/Fotomay