Popular crypto analyst Elliot Wainman says he’s keeping a close watch on two altcoins that have made strong rebounds after the marketwide collapse in May.
In a new video, Wainman tells his 340,000 subscribers that he’s looking at Solana (SOL) after the hot smart contract platform bounced over 100% from its May 23rd low of $19.11.
“There has been just higher lows and higher highs ever since, and it’s trying to bust again through this resistance that was created here (May 15th) by these bases around $42. Again, a really bullish chart. You can see here that these high-quality L1s (layer one) are really defying gravity here and behaving better than these other alts in the ecosystem.”
Another altcoin that’s flashing signs of strength is Kusama (KSM), a sandbox for Polkadot (DOT) projects. According to Wainman, Kusama’s upcoming parachain auctions are very ideal for KSM’s tokenomics.
“The other one that fits that description to a tee is Kusama. Look at this Kusama chart. It’s absolutely, incredibly bullish, even after this shocking drop. Again, down about 30% from its highs. Both of these charts are moving in a fantastic direction, and it shows you that the projects with really strong fundamentals are going to perform differently here.
Kusama, of course, has their upcoming parachain auctions this month, which is one the best tokenomics you could have. Essentially, for years on end, locking up huge amounts of the supply.”
At time of writing, KSM is trading at $380.50, up over 75% from its May 24th low of $216.85.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
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 losses 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/Tithi Luadthong
