According to Scott Melker, a famous cryptocurrency strategist and trader; Solana, Polygon, and two other cryptoassets are emerging from downtrends.
In a newly released video, Melker offers YouTube subscribers the smart contract platform. Solana’s (LEFT) says it has emerged from the market crash and is ready to revisit its all-time high.
“Solan this [azalan] It broke the blue line, retested as support, moved up and is now moving towards its goal of reaching all-time highs.”
The other cryptocurrency that Trader claims has ended the correction phase is the utility token of crypto derivatives exchange FTX. FTT. Melker believes FTT is bullish after it bounced strongly from a seven-day low of $48.
“This FTX Token [grafiği]. There’s a descending blue line here that provides clear resistance. This resistance; one, two, three, four, five times. After that, the break occurs. Confirmation comes with a daily close above this line ($55).
According to Melker’s chart, the initial target for FTT is $63. If the bulls break this level, the next target is FTT’s all-time high of $85. This represents a potential move of over 51 percent from FTT’s price at the time of writing of $56.
On Melker’s list, next; an Ethereum scaling solution that the analyst claims follows in the footsteps of both FTT and SOL Polygon (MATIC) exists.
“MATIC is breaking that blue line right now. It’s the same concept.”
According to Melker’s chart, Polygon is poised to rally towards the next resistance level at $1.70, which represents a gain of about 30 percent from the current price of MATIC at $1.31.
The last coin on the investor’s radar, the smart contract platform Phantom (FTM). According to Melker, FTM has also broken its diagonal resistance and is now preparing to recover.
“For FTM, $1.25 was an entry level. It will experience a break in resistance. It will retest as support and then it will go up.”
According to the crypto trader’s chart, FTM is on its way to reaching its target price of $1.94. FTM is currently trading at $1.50, which represents a 30 percent increase over Melker’s target price.
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.