Ethereum Competitors Terra (LUNA), Solana (SOL) and Avalanche (AVAX) on the Cusp of Breakouts: Crypto Analyst
A popular crypto analyst is giving a bullish forecast for Ethereum rivals Solana (SOL), Avalanche (AVAX) and Terra (LUNA).
In a new video, the host of financial education YouTube channel InvestAnswers says that Solana could be on the brink of reclaiming the three-digit price level as it flashes a strong bullish signal.
“There’s a lot of strong bullish divergence visible in the chart here. If you look at the RSI (relative strength index) at the bottom, you can see the bullish divergence from the price action and that compression wedge that we see…
Solana’s price action appears to be creating not only this bullish divergence from the RSI within the same timeframe, but it’s only a matter of time that many believe we could get back to $120… This is a very, very positive chart giving a lot of optimistic outlook for the price action of Solana.”
Solana is currently trading at $88.38.
The analyst is also keeping a close watch on smart contract platform Avalanche, which he says is now at a point where bulls will likely take control of the market.
“This one is seeing a similar type of a compression chart downwards action, but on the cusp of breaking out, and you can see that the price has been stuck in this descending triangle. It has had a really impressive recovery since March 15th and in fact, it’s still within the broader descending triangle, but the suggestion is it might be a good breakout or could it be a bull trap.”
At time of writing, Avalanche is exchanging hands for $85.96.
As for Terra, the crypto analyst says that the Ethereum challenger’s Sharpe ratio indicates a strong bullish outlook.
“You always want your Sharpe ratio to be above 0.5… If you are at one, it is a superb result and it means you are crushing the market, you’re beating everything out there…
The LUNA Sharpe ratio is 4.36. It’s off the charts positive. This thing is just a beast and there’s many people calling for a $200 Luna in in the near term, but also potentially, $200 Avalanche, $200 SOL. Either way these three are kind of winners right now.”
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