A closely followed crypto trader is predicting new all-time highs for Ethereum competitor Solana (SOL) and exchange token FTT and says one meme coin is in the midst of a breakout.
The pseudonymous trader, known as Smart Contracter, tells his 158,800 followers that even though SOL has just reached a fresh all-time high, the blazing altcoin is possibly nowhere near finished.
According to the crypto strategist, a 130% gain for Solana from its current price of $65.15 isn’t unreasonable. Using Elliott Wave, which predicts price movements based on crowd psychology that tends to manifest in waves, Smart Contracter comes up with an estimate of a $150 price tag for Solana after five waves.
“This SOL ath [all-time high] breakout is looking like a monster wave three in the making. $150 is not unreasonable in my opinion.”
The trader also applies Elliott Wave theory to FTT, the reserve currency on crypto exchange FTX. According to him, FTT has completed four out of its five-wave uptrend. The crypto analyst now predicts that FTT is poised for one more spike to about $60.
“Wave four done on FTT in my opinion. Clean ABC, perfect wave equality with the prior wave two. Capitulation volume in the C leg down.
New highs from here.”
Smart Contracter also says that the “meme economy is strong right now,” so he’s got his eye on Dogecoin and copycat Shiba-Inu (SHIB). Since DOGE is enjoying some strength in recent weeks, the trader says SHIB is likely to follow suit.
“There’s the SHIB breakout.”
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/Monika chakma
