There were strong movements in different directions today at the top of the cryptocurrency market. While Solana moved south, its rival, the leading altcoin Ethereum, made a surprise. The leading cryptocurrency, Bitcoin, lost its upward momentum and entered a downward trajectory. Meanwhile, a crypto analyst with a large following says a layer-2 scaling solution still has more upside potential after a major rally. He also explains that he is bullish on MINA. Finally, a decline awaits Bitcoin.
Analyst expects strong move for this altcoin after a correction
cryptokoin.comAs you follow from , the market was quite active today. We witnessed sharp movements both upward and downward. Optimisim (OP), an Ethereum Layer-2 solution, has given back some of its gains after a strong run. However, according to some analysts, OP still has enough fuel in his tank to go even further. One of them is the cryptocurrency analyst nicknamed The Flow Horse. Polygon (MATIC) rival Optimism (OP) is likely to move higher after retesting the $3.45 level, the analyst says. In this context, the analyst makes the following statement:
Another one still in play at the starting line. OP retested and reclaimed yearly highs. Just look at the entire market and see what comes next for every couple that does this. Let it breathe, and as long as the music is still playing, it’s very likely to go much higher.
Meanwhile, at the time of writing, OP was trading at $3.70, down 7.7% in the last 24 hours. Therefore, it fell towards $ 3.45, where analysts expected a correction. However, the altcoin is still sitting above 55% gains on its weekly chart. Moreover, OP recorded a significant increase of 114% in the monthly time frame.
The Flow Horse also rises in MINA
The analyst next looks at Mina Protocol (MINA), a privacy-focused payment protocol. Mina stands out as a Blockchain that aims to have a fixed size of only 22 kilobytes. The Flow Horse says he is bullish on the altcoin. He expresses his views on this subject as follows:
I can see this starting to move harder if BTC stabilizes. MINA is not only green the day after dumping, but is also stuck at new year’s highs. I’m keeping this long today with a stop below the open and giving it some room.
Meanwhile, at the time of writing, MINA was trading at $1.25, down 10% in the last 24 hours. However, the altcoin made a significant gain of 37.5% on its weekly chart. MINA managed to record an increase of approximately 74% on its monthly chart.
The outlook for the leading cryptocurrency is not encouraging!
Finally, the analyst looks at the leading cryptocurrency Bitcoin (BTC). The Flow Horse talks about the possibility of a decline in BTC due to current market trends. In this regard, the analyst shares the following assessment:
The BTC funding rate is rising after borrowing rates have already been rising for a while in the lows. Before this, some altcoins were pumping here and there while BTC was falling. Not a good look.
Meanwhile, Bitcoin was trading at $42,376 at the time of writing, down 1.34% in the last 24 hours. Unlike altcoin projects, Bitcoin remains in the red zone of 3.4% on its weekly chart.
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