A closely followed crypto analyst is outlining what’s ahead for Ethereum rival Solana (SOL) and move-to-earn protocol STEPN (GMT).
In a strategy session, DonAlt warns holders of smart contract platform Solana that SOL looks bearish on the high timeframe charts after converting weekly support at $140 into resistance.
According to DonAlt, the price action suggests that SOL is at risk of losing half of its value.
“Solana legitimately looks like the altcoins did in 2018. You have the perfect bearish retest… and then you realize the next support that you have, if you toggle the weekly [chart], is that $47, which is 50% down. That’s the nearest support that I have and then it starts getting scary.”
At time of writing, Solana is changing hands for $76.84.
Another coin on the trader’s radar is STEPN, the walk-to-earn project whose GMT token has significantly corrected after enjoying parabolic rallies in recent weeks. According to DonAlt, he expects GMT to go through a period of wild volatility in the coming week that would present a prime buying opportunity for the bulls.
“I honestly can see [GMT] close at this level this weekend. And then next week wipe out big time and reverse it all back again like towards the end of the week. That would be a really, really good trade where you close where we are right now [at] $2.40, maybe at $2.25, and then you wick down to $1.50 or $1.00 during next week if something crazy happens.
I think if you get that big wick and you see Bitcoin approaching support, you just want to be buying that. And then you have an easy 2x to 3x just straight off the bat from that.”
At time of writing, GMT is trading at $2.51.
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