Widely followed analyst Pentoshi shared his comments on two Ethereum (ETH) rivals Solana (SOL) and Polygon (MATIC). On the other hand, he predicts strong upsides for an altcoin. Here are the details…
Analyst expects 40 percent rise in Solana
The analyst, known as Pentoshi, shared his expectations for Solana’s (SOL) rise to his 590,600 Twitter followers. The analyst expects SOL to ignite a roughly 40 percent rise in current prices. He says he is “one level of resistance away” from such a move. Stating that SOL has “fresh air” above the current resistance level, the analyst states that if it goes above $45, it can see a “turbo pump”.
At the time of writing, Solana ranks ninth with a market cap of $14.8 billion. The cryptocurrency has lost 1.9 percent in the last 24 hours. Its current price stands at $42.91. In the last 7 days, it experienced an increase of 4.7 percent.
What’s next for Cardano?
Next on the analyst’s list is the smart contract platform Cardano (ADA). Above a resistance around $0.55 on ADA increases the likelihood of a rally, according to Pentoshi. The analyst points out that the closeness to around $0.55 reveals the possibility of a 25 percent rally for Cardano. Sharing the chart below for ADA, the analyst said, “ADA is closing here today. Then we move on to the next resistance on the table,” he said.
At the time of writing, Cardano is down 1.1 percent. It is currently trading at $0.52. So, it is $0.03 below the $0.55 area that Pentoshi pointed out. The coin has experienced a 2% increase in value in the last 7 days. With a market value of $17.6 billion, Cardano ranks eighth among cryptocurrencies in this respect.
Watch out for $0.98 resistance on popular altcoin Polygon
Another altcoin on the investor’s watchlist is Blockchain scaling solution Polygon (MATIC). Pentoshi said that a break of the $0.98 resistance could trigger a rally to around $1.30 for MATIC. At the time of writing, MATIC is changing hands at $0.92, down 2.8 percent. It is about $0.06 below the level pointed out by the analyst.
Finally, looking at leading smart contract platform Ethereum, Pentoshi warns traders that ETH could correct significantly as it struggles to gain resistance at $1,700. At the time of writing, Ethereum is changing hands at $1,689, down 0.3 percent. However, the leading altcoin has gained 58 percent in the last 30 days with the excitement of Merge. Even, cryptocoin.comAs we have also reported, it has outperformed BTC, the largest crypto currency, with its recent gains.
