A closely followed crypto strategist, Ethereum competitor Left (LEFT) and shared his views on these two altcoins, stating that another altcoin has already dug the bottom.
crypto analyst Smart Contracter, from his Twitter account with 197,800 followers, revealed that he expects smart contract platform Solana to continue its uptrend after a sharp correction from its all-time high of $259.96.
“I think SOL is working hard to bottom here, every day is a nice clean three-wave action down from the highs… I’m pretty happy to be back here after a 43% dip from the top to the bottom in anticipation of an all-time high.”
Smart Contracter uses “Elliott Wave theory”, a technical analysis approach that predicts future price action by following the psychology of market participants, which tends to manifest in waves.
According to the analyst’s chart, the SOL has completed its second wave correction phase and is now preparing to ignite a strong third wave rally.
The analyst strengthened his analysis by also examining the SOL/BTC pair. According to Smart Contracter, SOL/BTC is set to start the fifth and final wave of the uptrend.
“SOL/BTC still appears to be reaccumulating on a high timeframe.”
Another crypto asset on the trader’s radar is the utility token of crypto derivatives exchange FTX. FTX Token (FTT) it happened. Smart Contracter believes that the hourly chart confirms the macro bottom outlook for the crypto exchange token.
“I haven’t seen anyone interested in FTT for a long time, it’s almost as if it’s been forgotten. A 60% drop will do that, but it won’t last long.”
FTT is trading at $41.95, up 3.25% in the last 24 hours, but managed to gain over 16% from its seven-day low of $36.01.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.