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Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce

dailyhodl.com 18 May 2022 22:23, UTC
Reading time: ~2 m

A closely tracked crypto strategist is outlining what’s in store for leading smart contract platform Ethereum and two ETH challengers, including Solana (SOL).

In a new strategy session, pseudonymous analyst Cred says Ethereum might have printed a tradeable range provided that the bottom at $2,000 holds.

“This might be our range for some time. Support on the weekly at around $2,000. Maybe at this point, resistance will become relevant here at $2,500. Then the top of the range at $3,000. So if this is some sort of interim bottom, we’re dealing with the range we have to trade is between $2,000 [and] $3,000, and $2,500 is the range midpoint…

If stuff continues to bounce, if equities do well etc., the basic target for that would be from support to resistance.”

Source: Cred/YouTube

At time of writing, Ethereum is trading at $2,094.

The next coin on the trader’s radar is Solana, which he says is also trading in a big range that provides solid opportunities for market participants.

“If the markets bounce and we see strength and again a usual proviso of equity not shitting the bed, your short-term range in SOL is probably between mid-$40s and closer to $80. This is a pretty big range… My amazing math degree tells me that’s a 2x and 100% gain sort of.”

Source: Cred/YouTube

At time of writing, Solana is changing hands for $57.24.

The last coin on Cred’s list is fellow smart contract platform Avalanche (AVAX). According to the crypto strategist, AVAX is also trading in a wide range but warns market participants that Avalanche can potentially deviate from the range and briefly trade above resistance or below support.

“The range high coming in at $40, and the range low coming in at $24… Similar to Solana, decent chart, good areas to trade. Buy support, sell resistance and not do a whole lot else. I do expect a bit of deviation, wickery type of stuff. If it goes above resistance, for example, I’d expect a slight push higher than the exact level itself.

The same for support: if it goes to support, I’d expect it to push a little bit below.”  

Source: Cred/YouTube

Avalanche is trading for $34.87 at time of writing.

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