dailyhodl.com
A closely followed crypto analyst says that one decentralized finance (DeFi) altcoin is setting the stage to revisit its all-time highs.
Pseudonymous crypto strategist Rekt Capital tells his 369,500 subscribers on the social media platform X that the decentralized exchange (DEX) platform Injective Protocol ($INJ) is positioning itself to skyrocket to its previous all-time high of around $21.40.
“Injective just needs to stay above either $13.50 (orange) or $11.23 (green) to continue to position itself for a long-awaited revisit of the last major resistance before new all-time highs (red).”
$INJ is trading for $16.55 at time of writing.
The trader then brings up the smart contract platform Solana ($SOL), saying that a pullback to $42 would be “healthy,” but that a correction as far as the $23 could be possible.
“$SOL. Also tapped the $61 resistance, even overextending beyond it. Is it time for Solana to pull back? It would be entirely healthy for a dip to $42 (red) Generally, a monthly close above the purple area would be bullish and invalidate the green path.”
Solana is trading for $59.66 at time of writing.
Moving on to Cardano (ADA), another smart contract platform, Rekt Capital says that it is trading within a wide range between resistance at $0.40 and support at $0.24.
“Cardano is forming a very clear macro range.”
Cardano is worth $0.381 at time of writing.
Rekt Capital is also keeping an eye on the interoperable blockchain Polkadot ($DOT). According to the analyst, $DOT could witness further rallies if it stays above its diagonal support at around $5.
“Polkadot is now pulling back in an effort to successfully retest the top of this macro market structure as new support. Successful retest would confirm the breakout.”
$DOT is trading for $5.42 at time of writing.
Generated Image: Midjourney