A well-regarded crypto analyst outlines what’s in retailer for Ethereum rival Solana (SOL) and move-to-earn protocol STEPN (GMT).
In a technique session, DonAlt warns holders of sensible contract platform Solana that SOL is wanting bearish on the excessive timeframe charts after turning weekly assist at $140 into resistance.
In keeping with DonAlt, the value motion suggests SOL is vulnerable to dropping half of its worth.
“Solana is rightly wanting like altcoins in 2018. You could have the proper bearish retest… and then you definitely spot the subsequent assist you may have as you flip the weekly [chart], that is $47, down 50%. That is the closest assist I’ve after which it begins to get scary.”
On the time of writing, Solana is altering palms for $76.84.
One other coin on the dealer’s radar is STEPN, the walk-to-earn mission, whose GMT token has corrected considerably after parabolic rallies in latest weeks. In keeping with DonAlt, he expects GMT to endure a interval of untamed volatility within the coming week that might current a first-rate shopping for alternative for the bulls.
“I can truthfully see it [GMT] shut at this stage this weekend. After which subsequent week do a large wipe and undo every thing like in direction of the top of the week. That may be a extremely, actually whole lot making the place we’re proper now [at] $2.40, possibly $2.25, after which it goes right down to $1.50 or $1.00 subsequent week if one thing loopy occurs.
I believe once you get that huge wick and also you see bitcoin approaching assist, you simply wish to purchase that. After which you may have a straightforward 2x to 3x proper out of the shot.”
On the time of writing, GMT is buying and selling at $2.51.
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