A crypto trader and analyst known in the crypto community for his accurate predictions says that an Ethereum (ETH) competitor looks poised to rise more than four times its current levels.
A trader using the alias Smart Contracter has 174,900 Twitter followers. Solana’s (LEFT) both from Ethereum (ETH) as well as from Bitcoin (BTC) says it will outperform and outshine the two biggest cryptocurrencies.
The crypto strategist’s target price for the altcoin is currently $900, which represents a more than 360 percent increase over SOL’s current value.
Mainly using the Elliot Wave theory, the trader believes that Ethereum is bullish on Bitcoin while Solana is bullish on Ethereum. Elliot Wave theory is a method of determining which way assets will go using crowd psychology, which tends to manifest itself in a series of waves on charts.
“Monthly reminder, the $900 Solana (SOL) is no joke; will happen…
ETH/BTC is bullish, SOL/BTC is bullish, but SOL/ETH is bullish too, so naturally my biggest investment is SOL and I believe it outperforms BTC and ETH.”
According to CoinGecko, Solana is trading at $204 at the time of writing, close to its all-time high in September.
Smart Contracter believes Solana is still in the early stages of its final resurgence after the altcoin broke two key resistance levels.
“SOL is breaking down trends of two different degrees, this bad boy works hard when he starts and is just getting started here.”
Popular crypto trader, Solana, hit a record high last month with an increase of over 1600% between January and May this year. To Binance Coin (BNB) says it’s starting to exhibit similar graphical behavior. According to the analyst, if Solana repeats BNB’s pattern, a price of $900 could be in the cards:
“Same feelings, same story… If SOL follows BNB’s rally, it could go to $900.
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.