A closely followed crypto analyst outlines what lies ahead Ethereum rival Solana (SOL) and move-to-earn protocol STEPN (GMT).
In a strategy session, DonAlt warns holders of smart contract platform Solana that SOL is looking bearish on the high timeframe charts after breaking weekly support at $140 in Resistance was converted.
According to DonAlt, the price action suggests SOL is at risk of losing half of its value.
“Solana is rightly looking like altcoins in 2018. You have the perfect bearish retest… and then you spot the next support you have as you flip the weekly [chart], that’s $47, down 50%. That’s the closest support I have and then it starts to get scary.”
At the time of writing, Solana is changing hands for $76.84.
Other coin On the trader’s radar is STEPN, the walk-to-earn project, whose GMT token has corrected significantly after parabolic rallies in recent weeks. According to DonAlt, he expects GMT to undergo a period of wild volatility in the coming week that would present a prime buying opportunity for the bulls.
“I can honestly see it [GMT] close at this level this weekend. And then next week do a massive wipe and undo everything like towards the end of the week. That would be a really, really good deal making where we are right now [at] $2.40, maybe $2.25, and then it goes down to $1.50 or $1.00 next week if something crazy happens.
I think if you get that big wick and see that yourself Bitcoin approaching support, you just want to buy that. And then you have an easy 2x to 3x right out of the shot.”
At the time of writing, GMT is trading at $2.51.
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Source: Crypto News Deutsch