A closely tracked crypto strategist says that Ethereum (ETH) challenger Solana (SOL) and one low-cap crypto asset are starting to show signs of bottoming out.
Pseudonymous trader Altcoin Sherpa tells his 173,100 Twitter followers that smart contract platform Solana appears to be carving out a low as the Ethereum rival continues to respect support at $100.
“SOL: Shows some signs of a bottom for now. Used the one-day close at the top of the Fib and these levels seem respected. Expecting more chop around $100 and EMAs (exponential moving averages) to catch up before a move up.”
Another altcoin on the trader’s radar is DAO Maker (DAO), a launchpad that provides software as a service (SaaS) solutions to crypto startups. According to Altcoin Sherpa, DAO is gearing up for a breakout as it prints a rounded bottom pattern on the daily chart.
“DAO: I feel pretty strongly this is going to go to the mid $3s-$4s once it starts to break out. In my opinion, this rounded bottom looks great. Not a very good active trade but one where you just DCA/hodl [dollar cost average/hold on for dear life] for a bit and sell it in a few weeks.”
The crypto analyst is also providing an update on fellow Ethereum competitor Near Protocol (NEAR). Altcoin Sherpa says it is only a matter of time before NEAR rallies to a fresh all-time high.
“NEAR: In my opinion, just a matter of time before this breaks all-time high levels. Still in this, still just swing trading it.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Vink Fan/Natalia Siiatovskaia