A closely tracked crypto strategist says that Ethereum (ETH) challenger Solana (SOL) and one low-cap crypto asset are starting to show signs of bottoming out.
Pseudonymous trader Altcoin Sherpa tells his 173,100 Twitter followers that smart contract platform Solana appears to be carving out a low as the Ethereum rival continues to respect support at $100.
“SOL: Shows some signs of a bottom for now. Used the one-day close at the top of the Fib and these levels seem respected. Expecting more chop around $100 and EMAs (exponential moving averages) to catch up before a move up.”
Another altcoin on the trader’s radar is DAO Maker (DAO), a launchpad that provides software as a service (SaaS) solutions to crypto startups. According to Altcoin Sherpa, DAO is gearing up for a breakout as it prints a rounded bottom pattern on the daily chart.
“DAO: I feel pretty strongly this is going to go to the mid $3s-$4s once it starts to break out. In my opinion, this rounded bottom looks great. Not a very good active trade but one where you just DCA/hodl [dollar cost average/hold on for dear life] for a bit and sell it in a few weeks.”
The crypto analyst is also providing an update on fellow Ethereum competitor Near Protocol (NEAR). Altcoin Sherpa says it is only a matter of time before NEAR rallies to a fresh all-time high.
“NEAR: In my opinion, just a matter of time before this breaks all-time high levels. Still in this, still just swing trading it.”
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Featured Image: Shutterstock/Vink Fan/Natalia Siiatovskaia