A widely followed cryptocurrency analyst believes that a challenger to Solana (SOL) is gearing up for more rounds of gains.
Anonymous analyst Altcoin Sherpa told his 232,200 followers on social media platform Ten that it looks bullish after breaking out of a rounded bottom pattern on the weekly chart.
The rounded bottom structure, which is a bullish reversal pattern, indicates that the asset is ready to witness a new upward trend.
Altcoin Sherpa said,
“From a fundamental perspective, I think there needs to be more groundwork for people to gamble on, but overall, this looks really good for higher. If it comes, take a lower bag. In my opinion, a price like $0.60 is a nice entry.”
At the time of writing this article, SOL is valued at $0.66.
Another altcoin on traders’ radar is the smart contract platform Fantom (FTM). According to cryptocurrency strategist FTM, it is considered a solid option for long-term investors given its strong fundamentals. He also stated that after months of accumulation, this coin appears to be bullish.
“FTM: Lots to like on this chart and IMO project:
– Andre [Cronje] cracking dev
– High float/low selling pressure from VCs
– Sonic rebrand imminent touching all narratives
– From the chart, it’s an accumulation period for almost two years followed by some big moves and clean levels.
I’m in.
I’m honestly not suggesting buying at current levels, but I think any dip is a good thing. Still believe it’s a fairly good play if you’re looking for 2021 high float/supply movers (might consider other companies like AVAX).”
According to the trader’s chart, it seems to suggest that FTM is facing a major resistance level at $1.10.
At the time of writing this article, FTM is trading at $1.00.
Looking at the adjacent Layer 1 (L1) protocols, the trader shared a chart showing that the altcoin could set its resistance level at $8.29 after breaking out of $6.50.
“The price action for NEAR has been quite slow, and it’s not a very active trade at the moment. That being said, I do think there’s been a lot of impact from AI and L1 in this cycle. I’d like to see more growth/ more degen products there, but I do have a bag of this.”
At the time of writing this article, NEAR is trading at $6.97.
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