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- DeFi Technologies could mirror Solana’s breakout, offering potential gains for investors as it nears major resistance levels.
- DeFi’s 2,300% surge since October 2023 suggests it might need more consolidation before a major price moves upward.
- Once DeFi completes its consolidation, it could outperform Solana with potential returns of 2-3x, reaching around $12.
Noah a crypto analyst, recently highlighted DeFi Technologies ($DEFI) as a stock worth monitoring in bullish crypto. Like Solana ($SOL), he thinks DeFi Technologies is well-positioned to capitalize on the increasing interest in cryptocurrency.
For institutional and ordinary investors looking to gain exposure to the cryptocurrency market without having to deal directly with exchanges, DeFi offers an alluring possibility by creating ETFs and ETPs based on cryptocurrency assets.
DEFI TECHNOLOGIES STOCK BREAKDOWN $DEFI $DEFTF @DeFiTechGlobal
— Noah | NCBTRADES (@ncbtrades) November 11, 2024
With such a bullish crypto landscape, this is one of the stocks that should NOT be ignored right now.
I imagine that $SOL will be one of the retail favourites this cycle, so having $DEFI on the watchlist is vital.… pic.twitter.com/7TVqSublP1
DeFi Technologies and Solana: A Parallel Opportunity
Noah points out that DeFi Technologies shares many similarities with Solana in terms of market structure. Solana’s price surged after consolidating for several months, and DeFi might follow a similar pattern.
DeFi peaked around mid-December 2023 but has since entered a long consolidation phase, similar to Solana’s price action earlier this year. Given the similarities between their market behaviors, Noah suggests that DeFi could follow Solana’s lead and experience a significant price breakout in the near future.
Timing the Opportunity
DeFi’s setup mirrors Solana’s in that it’s currently consolidating. As Solana begins to show signs of a breakout after months of consolidation, DeFi could be next in line. Noah observes that DeFi hasn’t had the same amount of time to consolidate as Solana, but it’s close to major resistance levels. This suggests that once the consolidation phase concludes, DeFi could experience a breakout that outperforms Solana.
Since October 2023, DeFi has risen an impressive 2,300%, far outpacing Solana’s 800% increase over the same period. This massive surge hints that DeFi may require a bit more time to digest the previous gains before pushing higher. However, the opportunity for significant growth remains clear. With a potential 2-3x gain from its current levels, DeFi could reach the $12 mark, representing a significant return for investors.