A closely followed crypto strategist is saying that Ethereum rival Solana (SOL) and another altcoin have already carved bottoms.
Crypto analyst Smart Contracter tells his 197,800 Twitter followers that he expects smart contract platform Solana to resume its uptrend after its sharp correction from the all-time high of $259.96.
“SOL trying hard to make a bottom here in my opinion, with a nice clean three-wave move down from the highs on daily…
Happy to hop back in this after 43% dip peak to trough with an all-time high expectation.”
Smart Contracter is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants that tend to manifest in waves. According to the analyst’s chart, SOL has completed its wave-two corrective phase and is now poised to ignite a strong wave-three rally.
The crypto strategist is also looking at Solana in its Bitcoin pair (SOL/BTC). According to Smart Contracter, SOL/BTC is gearing up to launch the fifth and final wave of its uptrend.
“SOL/BTC still looking like high timeframe reaccumulation.”
Another coin on the trader’s radar is FTT, the utility token of crypto derivatives exchange FTX. Smart Contracter says that the hourly chart has confirmed the macro bottom outlook for the crypto exchange token.
“Haven’t seen anyone interested in FTT in a long time, almost as if it’s been forgotten.
A 60% dip will do that, but not for long.”
Currently, FTT is trading at $41.95, up 3.25% in the last 24 hours and over 16% from its seven-day low of $36.01.
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/NextMarsMedia/Tun_Thanakorn