A popular crypto strategist and trader is predicting a fresh price spike for smart contract platform Solana and says one low-cap altcoin is gearing up for a supply shock.
Pseudonymous crypto analyst Credible tells his 251,900 Twitter followers that he expects Solana (SOL) to ignite a massive rally after breaking out and starting a new wave of its cycle.
“SOL is leading the market and looks to have completed its macro 4th wave as a triangle. This implies we have begun the final fifth wave of SOL’s first macrocycle. This is going to be epic and a taste of what we will see across the board in the coming months. Expecting $500+.”
The trader relies on the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves.
The crypto analyst is also keeping a close watch on Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to Credible, he expects CRV to surge as high as $6.50 now that it has taken out key resistance at $3.50.
“CRV is synergistic with CVX (Convex Finance). I can’t explain the mechanics in a tweet – but when CVX goes up it increases the inherent value of CRV and when CRV goes up it increases the inherent value of CVX.”
Convex Finance is a platform designed to help CRV token holders and liquidity providers earn additional interest rewards. At time of writing, CRV is trading at $3.75 while CVX is exchanging hands at $19.61, according to CoinGecko.
Credible says he’s bullish on Curve because nearly 90% of its supply is locked for the coming years.
“Oh, and 89% of all circulating CRV is locked away for around 3.7 years lmao. So when we DO break out and everyone is clamoring to join in on the green candles, there is going to be a massive supply shock that sends prices even higher, faster. Get yours before it all starts… Yea so locking generates voting power – which in turn is used to boost yields for other protocols – so vote locked CRV is in high demand.”
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The post One Low-Cap Altcoin Set for Massive Supply Shock As Solana Preps for Epic Rally: Crypto Analyst appeared first on The Daily Hodl.
