A high-profile cryptocurrency analyst says one of Ethereum’s (ETH) competitors may be gearing up for a massive surge after losing 95% of its value last year.
Pseudonymous analyst DonAlt said in a new strategy session that Ethereum rival Solana (SOL) could ignite a major rally as traders bet heavily on the altcoin’s sustained decline. said.
“People have been degen short [SOL]I actually love the $4.20 price tag. And this is the structure I want to buy. The current weekly look sees the market die out completely, with a bit of buying and another secondary surrender event. I usually like to buy these.
A move from $10 to $16 could happen soon and this is a big deal. ”
At the time of writing, Solana is trading at $11.12, up over 12% over the last 24 hours. DonAlt’s move toward its goal suggests a potential upside of more than 43% for smart contract protocols.
Looking at Ethereum itself, crypto analysts hope the major altcoins will take a key resistance level and remain bullish, even though Ethereum is showing relative strength.
“Let’s say ETH rises from here, with $1,300 being the closest resistance and starting to look trend-breaking.”
DonAlt also said that Ethereum had many bullish developments in 2022.
“There is still one of the biggest narratives when it comes to cryptocurrencies, ETH is basically headed for deflation. But I don’t want to let it all fade away, if it crashes to $800, it crashes to $800, I’ll buy it, if it’s over 700 yen I’ll buy it, or $1,300 If you’re showing some strength, I’m happy to set a bigger position as I think there’s a lot in ETH’s corners.
The whole market is just pulling it down. “
At the time of writing, ETH is valued at $1,213, up 1.53% in the last 24 hours.
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