Cryptoanalyst predicts that Ethereum Challenger Solana tears hard, says that one exchange token looks “juicy”
A popular analyst says that Ethereum challenger Solana (SOL) seems to be maintaining its bullish rise as one exchange token trades in an area that offers a favorable risk-reward ratio.
The pseudonymous trader known as Cantering Clark tells his 140,300 Twitter followers that the right market conditions can help Solana put together a significant rally after SOL took out both diagonal and horizontal opponents.
“If the market maintains this pressure from ETH, SOL will tear much higher. Lots of open interest and risk marked on the way down from $ 50- $ 40. Looks bottom in the short term, could rip.”
At the time of writing, Solana is changing hands for $ 40.16. A move to Cantering Clark’s next resistance range around $ 75 suggests an upside potential of over 86% for SOL.
The analyst says he is also optimistic about other smart contract platform Avalanche (AVAX).
«SOL and AVAX still look very good. I think patience will be rewarded. “
At the time of writing, the Avalanche is valued at $ 21.60.
Cantering Clark is also interested in FTT, the token that drives the crypto derivative exchange FTX. According to the cryptanalyst, FTT is an area with strong support in its weekly chart.
“Without jinxing it, I just want to say that the risk reward for FTT here is quite juicy. As a side note, many couples show strength in terms of what we see in the bond market and the legacy as a whole. It does not take many buyers.”
At the time of writing, FTT is trading at $ 28.21, up over 1% on the day.
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Featured image: Shutterstock / NextMarsMedia / Tun_Thanakorn
