A popular crypto analyst, Ethereum rivals wither (LEFT), Avalanche (AVAX) and terra He shared his bullish forecasts for (LUNA).
In a new video, financial education YouTube channel InvestAnswers noted that Solana may be on the verge of regaining its triple-digit price level as it signals a strong bullish trend.
“The chart here shows a lot of strong bullish divergences. If you look at the RSI (relative strength index) at the bottom, you can see the bullish divergence in the compression wedge that we see with reference to price action.
Solana’s price action is not only creating this bullish divergence from the RSI on the same timeframe, but it’s only a matter of time before many believe we can get back to $120… This is a very, very positive picture that gives a very optimistic outlook for Solana’s price action. ”
Solana is currently trading at $88.38.
The analyst is also keeping a close eye on smart contract platform Avalanche and thinks it is now at a point where the bulls are likely to take control of the market.
“This presents a similar downward moving squeeze chart, but on the verge of a breakout and you can see price getting stuck in this descending triangle. It has had a really impressive rebound since March 15 and is actually still inside a wider descending triangle, but the argument is that it could be a good exit or a bull trap.”
At the time of writing, Avalanche is trading at $85.96.
As for Terra, the crypto analyst says that Ethereum rival Sharpe ratio points to a strong bullish outlook.
“You always want your Sharpe to be above 0.5… If you’re at one, that’s a great result, and that means you’ve crushed the market, beat everything in the market… The LUNA Sharpe ratio is 4.36.
The charts were positive. This altcoin is just a beast and there are many people who want a $200 Luna in the near term, but also potentially $200 AVAX, $200 SOL. Either way, these three are sort of winners right now.”
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.