A widely followed cryptocurrency analyst stated that despite the market drop, the popular cryptocurrency Solana (SOL) and another altcoin are ready to start a new rally.
These Two Altcoins Are Ready To Rally
In a new video, the InvestAnswers server told its 385,000 subscribers that the relative strength index (RSI) of the popular altcoin Solana is approaching a buy signal.
In his statements about the famous analyst Solana, he made the following statements;
If we look at the Solana chart, you can see that the RSI (relative strength index) is much more attractive, not overbought, which is a good thing. Solana is approaching oversold rather than overbought.
The other thing I want to point out is the fact that we had some resistance at the 50-day moving average, but there’s a compression funnel here too.
So the question is, will Solana (LEFT) jump out of this funnel? I think yes, it will come out when the market recovers a bit. Another important thing to note is that we have not approached the positive 0.382 FIB [Fibonacci retracement] level. But remember that we are back where we were three or four days ago.”
“Aave Will Return To $360”
The analyst then cited the recent announcement of decentralized finance (DeFi) protocol Aave to launch the new Real-World Asset (RWA) Market, which aims to connect DeFi to real-world assets and financial services, noting that Aave is preparing for a similar rally.
According to the analyst, this development could act as a bullish catalyst for the popular altcoin.
“AAVE went from $160 to $320 in a few days, which is equivalent to a double increase. But then there was a new decline. People are starting to think it will go down for a while, but with the latest news, I think Aave will bounce back from $300 to $360.”
Popular altcoin Solana changed hands at $175, down 13.5% from $203, a seven-day high, while AAVE continues to trade at $245, down 16% from $292 in the same timeframe.