Ethereum and Solana Primed To Continue Rallies, Predicts Top Crypto Analyst – Here Are His Targets – The Daily Hodl
A closely followed crypto strategist is reacting to the recent market-wide rally, updating his predictions for a trio of digital assets.
Pseudonymous crypto analyst DonAlt updates his 416,400 Twitter followers on Ethereum (ETH) after the leading smart contract platform went vertical on the Bitcoin (BTC) trading pair.
“Full send, as expected. Already retraced 40% of the bear market move (on a relative basis) and doesn’t look weak yet either.
Don’t really see a good reason for it to get anything more than a temporary rejection here. I’ll remain bullish.”
The chart guru also says that while he’s already sitting on 50% paper profits after ETH’s latest surge past $1,000, he’s eyeing a push above $1,800 to perhaps as high as the $2,200 to $2,600 zone.
“I wanted a $1,000+ close on ETH, I got one. Up 50% on this position also, still not willing to sell.
$1,800 is an interesting area on the low timeframes but given the merge hype has just started, I’m probably going to hold till my target is hit or I’m invalidated.”
DonAlt wraps up his ETH analysis by saying he’ll target approximately $2,200 to start taking profits if ETH can finish the month of July on strong footing.
“Monthly support holding so far. I bought around $1,000 and if we close this month above there I’ll be looking for a bearish retest of ~$2,200 to TP into.
(As long as lower timeframes allow, views can obviously change depending on market conditions).”
After a week of steady price moves to the upside, Ethereum is trading for $1,538 at time of writing.
Regarding blockchain protocol Solana (SOL), the strategist says he’s ridden the altcoin’s latest rally to around a 50% gain, but would rather hold with an eye on an $80 exit point rather than take profits now.
“Up ~50% on my position and not really feeling any rush to sell.
It’s at range high here, the easy obvious trade is done but I’m willing to stick my neck out and hold a while longer.
If nothing drastic changes I’ll be targeting $80.”
Solana is coming off an impressive week which saw it lurch from $33 to above $40, and at present is trading sideways with a going rate of $44.71.
When it comes to top digital asset Bitcoin, the crypto analyst is trying to create a viral meme based on the market-wide dip partially caused by the collapse of crypto hedge fund Three Arrows Capital (3AC) starting in mid-June.
“How… is this not a big meme yet?
Get on it.”
DonAlt then follows up on a previous Bitcoin price tweet where he said “$22,000 is where dreams are made” on the road back up to $28,000. He now highlights BTC’s third attempt to breach and hold that level over the past month.
Bitcoin is up nearly 3% over the past 24 hours, changing hands for $23,300 at time of writing.
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August 5, 2022 at 03:06PM