A widely followed cryptocurrency analyst and trader says three Ethereum competitors have more room for growth than the smart contract platform Solana (SOL).
The pseudonymous analyst known as Smart Contracter tells his 183,000 Twitter followers that Ethereum (ETH) itself will reach a new all-time high (ATH) after correcting in a three-wave ‘A, B, C’ pattern as defined in the Elliott Wave Theory.
The theory states that price trends move in a 5-wave pattern of sentiment waves labeled 1 through 5, while the countertrend moves in a three-wave pattern labeled A-B-C.
“Nice clean abc down done on ETH with a prior ATH retest on the weekly, I reckon we’ve bottomed and see ATH from here, I am long and strong.”
In the case of the fifth-largest cryptocurrency by market cap, Smart Contracter says that Solana still has more upside potential.
However, the trader notes better opportunities exist with Ethereum competitors, such as the native tokens of smart contract blockchains Avalanche (AVAX), Terra (LUNA) and Fantom (FTM).
“I’m letting my baby SOL go now.
I rode this baby from obscurity into the top 5.
Still think there’s plenty of upside left but in terms of % gains there’s simply better layer 1 horses to back here like LUNA, FTM, AVAX et al.”
The crypto analyst is also bullish on Bitcoin (BTC) and the governance token of decentralized finance (DeFi) platform Curve DAO (CRV), saying that he is buying Bitcoin at the $61,000 level after the flagship crypto-asset corrected by around 10% over the past seven days.
“BTC ain’t looking too crash hot either, bidding 61k, probably takes a week or so to unfold.”
Bitcoin is trading at $60,400 at the time of writing.
The crypto analyst says he bought CRV after the DeFi governance token completed a three-wave countertrend pattern.
“Relonged some $CRV too, nice clean 3 wave move down with a V reversal underway.”
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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/vectorpouch/Vladimir Sazonov
