As cryptocurrency markets pick up steam, a popular trader is not only feeling bullish on Ethereum (ETH), Aave (AAVE), and Avalanche (AVAX), but he claims that one altcoin in particular is an easy play for traders.
Pseudonymous crypto trader and analyst Smart Contracter shares with his 161,100 Twitter followers that the smart contract platform Solana (SOL) is an easy “set and forget” play that looks ready to repeat Bitcoin’s bull run in December 2020, which saw it double in just over a month despite already being at an all-time high.
“$SOL easily going to $200 [in my opinion], probably higher.
This really does feel like an easy set and forget long-term play, path of least resistance is up.”
Taking a look at ETH, Smart Contracter contends that its monthly close looks much stronger than Bitcoin.
“BTC monthly close VS ETH monthly close.
I don’t know fam, ETH [definitely] looks stronger to me.”
Stacked up against Bitcoin, the trader notes that ETH signaled a breakout above resistance on its daily chart, which is typically indicative of further bullish momentum.
“$ETH/BTC double bottom confirmed breakout on today’s daily close.”
As for decentralized lending platform AAVE, Smart Contracter points out that it recently broke out of its bearish downtrend, citing the upcoming release of Arbitrum, a new blockchain scaling method for Ethereum, as a potential catalyst.
“Aave breaking out, [easy] long [in my opinion], maybe Arbitrum is the catalyst?”
Finally, the trader highlights the smart contract platform AVAX. He notes that its $39 price point is a prime long buying opportunity, and that all-time highs appear to be just around the corner for the crypto asset.
“Prime spot for an $AVAX long in my opinion, all late longers [will be blown out].
All-time highs still on the table”
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/GentleJune/stockphoto-graf