A popular crypto strategist thinks a rally for the three altcoins is on the horizon. Cryptocurrency analyst Pentoshi shared his comments for Solana (SOL) and Avalanche (AVAX). Here are the details…
Pentoshi optimistic for major altcoin projects
Anonymous crypto analyst Pentoshi told his 556,200 Twitter followers that he believes Solana is ready for a rally. He says that behind Pentoshi’s belief in the rise in SOL, traders have been extremely bearish. The analyst uses the following statements:
I got a little LEFT. I tried to get some answers yesterday and now the general consensus (according to this original post) is that people plan to buy for $3 to $5. I think the green line is high probability. There is excitement at the heights, while fear at the bottom.
The next token on the trader’s list was the smart contract platform Avalanche (AVAX). According to Pentoshi, the ability of AVAX’s support area to stay above $25 increases the likelihood of a rally to its $40 target. The analyst states that if the altcoin closes in the low range, it will open new long positions and buy. To be taken for my trading style on one-day, three-day and one-week high time frame
If today closes in low range then I will be in new longs and buy. It offers levels to take for my trading style on the one-day, three-day and one-week high time frame.
Cryptocurrency bounce chance
As for the broader cryptocurrency markets, Pentoshi believes that when sentiment shifts from extremely bearish to extremely bullish, cryptocurrencies have a good chance of rebounding. He says the chance of jumping is very high. But the crypto strategist also warns that traders will never see their all-time highs again, with more than 90 percent of altcoins in existence today. Pentoshi uses the following phrases while concluding his comments:
Everyone seems to be looking for the beginning of the altcoin season to find their way up from saying ‘over, dead, reset’. I would say there is a greater than 50 percent probability of this happening soon.
Meanwhile, Bitcoin created another small bearish candle during the week of May 23-30, as we have reported on Cryptokoin.com.
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