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A widely followed cryptocurrency analyst and trader is turning bullish on a top Ethereum (ETH) rival while offering his insight on XRP and decentralized finance (DeFi) protocol Curve DAO (CRV).
Starting with Ethereum competitor Solana (SOL), the analyst pseudonymously known as Credible Crypto tells his 423,200 followers on the social media platform X that he is entering a long position on the fifth-largest crypto asset by market cap.
Credible Crypto says his bullish thesis for Solana will be invalidated if SOL falls below $126 while his profit-taking level is around $163.
“Pretty simple play based on the assumption we may be seeing some relief across the board.
Tested local demand, targeting the near equal highs above into high time frame supply…
…Obviously, if Bitcoin doesn’t see some relief and we continue breaking down instead, will get stopped on this.”
Solana is trading at $138 at time of writing.
Turning to XRP, the widely followed analyst says that the seventh-largest crypto asset by market cap recently presented an opportunity on the daily time frame. Based on Credible Crypto’s chart, it appears that the pseudonymous analyst is suggesting that XRP could appreciate to above $0.69, a gain of around 33% from the current level.
“It’s worth noting if we lose the lower time frame blue zone (midrange ~$0.50) we probably head back down to the range lows [below $0.40], so make sure risk is managed here.”
XRP is trading at $0.517 at time of writing.
Next up is the DeFi protocol Curve DAO. The widely followed analyst says that he is bullish on CRV over the long term but he expects the altcoin to drop by at least eight percent from the current level.
“Only buying some here to play a potential relief bounce- I still think we are going sub $0.24 and likely a lot lower if Bitcoin drops as low as I think it will.”
CRV is trading at $0.256 at time of writing.
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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 losses 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.
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