The crypto markets are currently unpredictable, but a widely followed strategist predicts strong rallies for two Ethereum (ETH) rivals and one additional altcoin.
Pentoshi, a pseudonym for a crypto strategist known as "Pentoshis," tells his 590600 Twitter followers that the smart contract platform Solana (SOL) is one resistance away from igniting a nearly 40% surge in price.
"Think SOL has fresh air above here. Close above $45 and [it] probably turbo pumps."
At the time of writing, SOL is changing hands for $42.82.
Pentoshi says a close above resistance of around $0.55 opens up the possibility for Cardano to launch an ambitious 25% rally!
"ADA closes today up here then next resistance on table."
Cardano is currently trading at $0.52 per coin, down 1% on the day of publication.
Pentoshi says that a break of resistance at $0.98 could trigger an upwards move to around $1.30 for MATIC, though they may struggle if prices fall below $0.92.
"It's at resistance. However, a clean breakout leads to the sitting penguin."
MATIC is currently valued at $0.94, which may change as prices go up or down.
Pentoshi's analysis points to a possible scenario in which the price of Ethereum could correct significantly. The leading smart contract platform has been struggling with resistance at $1,700 and may need some help from other coins or assets before it resumes its rise towards higher prices again.
"Imagine if cattles are being distributed on and to in regards to ETH.
We plant the seeds of doubt. Like the other tweets, this would be poetic, if true of course. Cattle are well fed. What if it's time to harvest that sweet, sweet meat at the butcher?"
At the time of writing, Ethereum is valued at $1.692 per coin.
Bitcoin recently spiked from $23,800 to over $24,000 – an important hurdle. However, Bitcoin could not hold this level. At the time of writing, Bitcoin fell to around $23,845, down 0.09%. In the past 24 hours, Bitcoin hit a high of $24,572 and as low as $23,580.
Although relatively calm, the crypto market recorded nearly $200 million in liquidations of long and short positions, led by ETH with around $77 million, followed by BTC with $27 million.
The overall market sentiment is also gradually improving. The Fear and Greed Index is currently at 39/100, down from 42/100 the day before. The index is still in the fear zone but is much more positive than a few weeks ago when it was only around 10/100.
Many investors are focused on the current spot price above the key 200-week moving average (MA) at $22,800. Bitcoin could end the week above this trendline – for the first time since June.