dailyhodl.com
A widely followed crypto analyst says that one low-cap decentralized finance (DeFi) altcoin is setting the stage for a massive rally.
Pseudonymous crypto trader The Flow Horse tells his 189,600 followers on the social media platform X that key metrics indicate Pendle (PENDLE), which allows users to tokenize and sell future yields, is about to soar.
“Ok PENDLE looks like it is about to absolutely send through the roof.
• Complete recovery.
• New yearly highs s/r flip (support/resistance) successful.
• Low float.”
Pendle is trading for $1.24 at time of writing, up 11.5% in the last 24 hours.
Next up, the trader predicts that capital will begin to flow into Ethereum (ETH) on a massive scale after the rallies for Bitcoin (BTC) and ETH competitor Solana (SOL) slow down.
“The fact that most people have their attention on Solana, most people have their attention on BTC, and ETH is kind of being mocked because it’s not following through with the same intensity that everything else is, I think is setting up for a big catch up play. So from a technical standpoint, ETH looks like it is just beginning to break out and in a similar way that BTC has already done a while ago.
So, I’m confident that this is going to catch up. And I’m confident that when BTC cools down, and after January 10th, ETFs (exchange-traded fund) approved, fingers crossed, that we’re going see a lot of capital flow back into ETH. I think you can expect that some capital that’s in Solana will flow back to ETH as well.”
Ethereum is trading for $2,232 at time of writing, up 1.4% in the last 24 hours.
Generated Image: DALLE3