A well-respected crypto analyst says that Solana (SOL) and another altcoin set out to skyrocket.
In a new video, the InvestAnswers host tells his 385,000 subscribers that the Relative Strengthindex (RSI) from SOL is about to issue 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 small one on the 50 day moving average resistance but there’s a compression funnel going on here too, and the trend is kind of not really that our friend at the moment, but 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 to the decentralized financial log (DeFi) Aave there. 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 be the races, but the latest news is going to be north of $ 300-360 again in my opinion. “
SOL is trading hands at $ 175 at the time of writing, a 13.5% decrease from its 7-day high of $ 203 while AAVE hovers to $ 245, a 16% decrease from $ 292 in the same Period.
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Source: Crypto News Deutsch