A popular crypto strategist and trader is predicting strong uptrends for Ethereum (ETH) while saying that explosive altcoin Solana (SOL) could continue its impressive performance.
The pseudonymous trader Smart Contracter tells his 176,000 Twitter followers that he’s keeping a close watch on Ethereum against Bitcoin (ETH/BTC) because he believes the trading pair remains bullish after it broke out from a large inverse head and shoulders pattern (IHS).
“ETH/BTC is still huge IHS breakout after a three-year base. It may have been somewhat boring the last few months but make no mistake about it, this is re-accumulation in a monster uptrend.”
An inverse head and shoulders pattern is a bullish technical pattern that marks the beginning of a new uptrend. According to Smart Contracter’s chart, ETH/BTC is currently consolidating within a bullish continuation pattern and can climb as high as 0.12 BTC, worth $7,287 at time of writing.
Next looking at the leading smart contract platform against the US dollar, the crypto strategist says ETH is now en route to $5,000 after it took out a diagonal resistance.
“I think today is the day we get a proper $ETH [all-time high] breakout.”
Next is lending and borrowing protocol Aave (AAVE), which the trader believes is ready to ignite an epic rally after printing a bullish higher low setup.
“Aave putting in a solid weekly higher low here. With blue chips like CRV already moving, I’m going to assume other blue chips have bottomed and are not far behind. [Decentralized finance season] is near and Aave is an old favorite of mine.”
The trader uses the Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants that tends to manifest in waves. According to Smart Contracter’s chart, AAVE can soar close to $900 before completing its five-wave cycle.
As for Ethereum competitor Solana, Smart Contracter predicts a strong rally for the red-hot altcoin after it breached two diagonal resistances on the 12-hour chart.
“Got SOL low key breaking downtrends of two different degrees. This bad boy runs hard when it gets going and it’s only just getting started here.”
In the short term, the crypto strategist predicts that Solana can revisit its all-time high of $218. In the long term, Smart Contracter says he sees Solana igniting a massive rally to $900 as he believes SOL is following in the footsteps of Binance Coin’s (BNB) epic surge earlier this year.
“Monthly reminder $900 SOL is not a joke. It’s gonna happen.”
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The post Analyst Predicts Monster Uptrends for Ethereum and Aave, Says Red-Hot Solana Could Run Hard appeared first on The Daily Hodl.
