A mysterious Twitter analyst shared two altcoin projects this week that he believes are poised to explode. Let’s take a look at technical analysis, keeping in mind that forecasts are not precise.
“These two Ethereum rivals are ready to exit this week”
The crypto analyst, nicknamed Pentoshi, tells his 547,800 Twitter followers that the crypto market is giving bearish signals and the bulls may make a strong move:
Now that we have bottomed all-time high sales along with some other interesting signs, I feel we will rally strong this week. If the opportunity presents itself, it will want to bid on AVAX. He showed me exactly what I wanted to see here.
I think short term $58-60 on $SOL is reasonable
and maybe $36 or so on $AVAX to reassess. Flip those = new targets, fail to hold then look for lower grey pic.twitter.com/FJPlwOtfvd
— Pentoshi 🐧 (@Pentosh1) May 12, 2022
According to Pentoshi, smart contract platforms Avalanche (AVAX) and Solana (SOL) is preparing to rebound after approaching key support areas:
Ok, after a few hours of testing, I’ve decided to stick with the plan on SOL. I’m also hesitant to buy. But I’ve marked this spot for half a year. It has historical support and probably provides an average return. Same with AVAX.
At the time of writing, Solana is trading at $53.60, just above the $50 mark Pentoshi has set as the support level.
AVAX is about to reach the $31.20 support level determined by the analyst. Kriptokoin.com concerns that the Luna Foundation Guard (LFG) will sell its remaining AVAX reserve caused investors to panic sell on Monday.
Pentoshi shares short-term targets for AVAX and SOL
Solana and Avalanche are considered the strongest Ethereum competitors in the market. Both altcoins have lost over 25% since last week. While the short-term outlook is still unclear, Pentoshi shares the following levels:
I think $58-60 short-term on SOL is reasonable and maybe $36 or more for AVAX reassessment.
Altcoin market compensates for devastating collapse
According to CoinMarketCap data, on May 16, mainly TerraUSD (UST), The Graph (GRT), Dash (DASH) and Helium (HNT) fell in double digits. Stablecoin UST is fluctuating around $0.1174 and there are no clear signs of a recovery yet.
