A popular analyst says that Ethereum challenger Solana (SOL) appears primed to sustain its bullish ascent as one exchange token trades in an area that offers a favorable risk to reward ratio.
The pseudonymous trader known as Cantering Clark tells his 140,300 Twitter followers that the right market conditions could help Solana put together a sizable rally after SOL took out both its diagonal and horizontal resistances.
“If the market sustains this push by ETH, SOL rips much higher. Bunch of open interest and risk tagged on on the way down from $50-$40. Looks bottomed in the short term, can rip.”
At time of writing, Solana is changing hands for $40.16. A move to Cantering Clark’s next resistance area around $75 suggests an upside potential of over 86% for SOL.
The analyst says that he’s also bullish on fellow smart contract platform Avalanche (AVAX).
“SOL and AVAX still look really good. I think patience will be rewarded.”
At time of writing, Avalanche is valued at $21.60.
Cantering Clark also takes interest in FTT, the token that powers crypto derivatives exchange FTX. According to the crypto analyst, FTT is an area of strong support in its weekly chart.
“Without jinxing it, just going to say that the risk reward of FTT here is pretty juicy. As a side note, plenty of pairs are showing strength considering what we are seeing in the bond market and legacy as a whole. It doesn’t take many buyers.”
At time of writing, FTT is trading at $28.21, up over 1% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NextMarsMedia/Tun_Thanakorn
