A popular crypto strategist and is unveiling his huge long-term price target for Ethereum (ETH) competitor Solana (SOL) while predicting surges for Avalanche (AVAX) and Terra (LUNA).
Pseudonymous crypto analyst Inmortal tells his 152,100 Twitter followers that he expects decentralized finance payment network LUNA to rally back to triple digits after respecting support at around $80.
“LUNA at $100 before you blink again.”
At time of writing, LUNA is exchanging hands for $94.
Inmortal is also bullish on fellow Ethereum rival and smart contract protocol Avalanche. According to the crypto trader, Avalanche will likely follow the footsteps of LUNA.
“Potential catch-up play.
AVAX [and] LUNA.”
As for Solana, the crypto strategist believes that the smart contract platform can potentially rally over 830% from its current price of $107.
“Buy SOL below $100 and sell it above $1,000 is the play.”
Looking at Bitcoin (BTC), the crypto strategist says he expects BTC to rally this week after recovering the key price level of $40,000.
“Main plan for this week is long BTC on a reclaim of weekly open.
If price is unable to reclaim it, I will look for shorts.”
According to Inmortal, those who shorted Bitcoin over the weekend while the leading crypto by market cap was trading below $40,000 are now trapped and will likely be forced to buy BTC in order to cut their losses.
“Green weeks are always sponsored by shorts who got trapped at the end of the weekend.”
Traders who short sell Bitcoin borrow BTC from an exchange and sell it at a certain price, hoping that prices will go down so they can make profits by repaying the BTC owed at lower prices.
If the price moves against their bias, they are forced to buy the BTC at higher prices to repay the exchange, which adds fuel to the rally.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
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/Blue Planet Studio
