A widely followed crypto analyst says Solana (SOL) and another altcoin project are poised to launch themselves. According to the analyst, altcoins have sufficient fundamental and technical support to achieve this. Let’s take a look at the latest news on altcoins and the analyst’s price predictions.
Analyst interprets Solana’s RSI data
In a new video, the server InvestAnswers tells its 385,000 subscribers that SOL’s relative strength index (RSI) is approaching a buy signal:
Looking at the Solana chart, you can see that the RSI is much more attractive, not hot, not overbought, which is a good thing. It approaches oversold rather than overbought.
The analyst continues his RSI analysis with:
The other thing I want to point out is the fact that we had some resistance at the 50-day MA, but there is some compression here as well and the trend doesn’t look like much. It’s SOL right now, but when you look at the way the pricing action is crammed together it should yield some results.
The InvestAnswers host states that while SOL thinks it’s ready to explode, it will be cautious:
When the market recovers a little. Another important thing to note is that we have not approached the positive 0.382 FIB level, but we are back to where we were three or four days ago.
Analyst points to DeFi altcoin protocol Aave
cryptocoin.com Centrifuge (CFG), a platform that enables real-world assets to be connected to DeFi protocols, announced that it is collaborating with DeFi altcoin project Aave to launch the RWA Marketplace. According to the analyst, this development could act as a bullish catalyst for the altcoin:
AAVE doubled from $160 to $320 in a few days, but it was sold out. People were very excited thinking it would be closed to races for a while but I think with the latest news it will go back to $300 to $360.
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