A closely followed crypto trader says he’s mega-bullish on two large-cap altcoins more than anything else in the digital asset market.
The pseudonymous trader known as Pentoshi tell his 238,000 followers that he expects smart contract platforms Ethereum (ETH) and Solana (SOL) to capture huge portions of the crypto space.
“I am an everything maxi. I’m not tribalistic.
But I just can’t not be betting on $sol and $eth heavily.
I can’t imagine those don’t capture a tremendous amount of value in the years to come in their ecosystems.”
At time of writing, SOL is trading at $115, up 228% over the last month, and 2480% over the last year according to CoinGecko.
In the short term, Pentoshi has his eye on meme crypto Dogecoin (DOGE). He thinks that if DOGE can break the $0.30 level, a sizeable 40% rally to $0.42 is in the cards. He also identifies a few key levels in Dogecoin’s Bitcoin pair (DOGE/BTC). Based on Pentoshi’s chart, DOGE/BTC is also gearing up for a potential 40% spike.
As for Bitcoin, the trader says the world’s biggest crypto by market cap needs to break a downward resistance, and then above the $50,000 area from which it collapsed during the crash in May.
“$BTC needs to break this LTF downtrend line and the original PoB [point of breakdown] from May.”
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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/cobalt88