Crypto analyst says Solana (SOL) and another altcoin are preparing for rallies – here are its goals
A well-respected crypto analyst says Solana (SOL) and another altcoin are on their way to soar.
In a new video, the InvestAnswers moderator tells his 385,000 subscribers that SOL’s Relative Strength Index (RSI) is about to trigger a buy signal.
“[Looking] On the Solana chart, you can see that the RSI (Relative Strength Index) is much more attractive, not that hot, not that overbought, which is good. It’s oversold rather than overbought.
The other thing I want to point out is the fact that we have a little resistance at the 50 day moving average, but there is also a compression funnel going on here and the trend is kind of not really that our friend at the moment, though something has to give way when you look at the way the price action contracts.
So the question is, will it burst and break out of this funnel? I think so. As soon as the market recovers a bit. The other important thing is that we haven’t got anywhere near the .382 FIB yet [Fibonacci retracement] Level, which is positive so it’s a haircut, but remember that we’re back to where we were three or four days ago, no big deal. “
The analyst then points out the Decentralized Financial Protocol (DeFi) Aave. He mentions Aave’s recent announcement to launch its new Real World Asset (RWA) Market, which aims to connect DeFi to real assets and financial services.
According to the analyst, the development could act as a bullish catalyst for Altcoin.
“[AAVE] rose from $ 160 to $ 320 in a few days, double that, but it was sold out. People got really excited for a while and thought it was going to the races, but the latest news will be back north of $ 300-360 in my opinion. “
SOL is trading hands at $ 175 at the time of writing, down 13.5% from its 7-day high of $ 203, while AAVE hovers to $ 245, down 16 % versus $ 292 over the same period.
I
Check price promotion
Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the daily Hodl mix
 
Check out the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are made at your own risk and you are responsible for any losses. The Daily Hodl does not recommend buying or selling 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 / SimpleB / Nikelser Kate
Comments are closed.