A widely followed trader says he sees more upside potential for smart contract platform Solana (SOL) and two tokens flying under the radar.
Pseudonymous Cantering Clark tells his 158,900 Twitter followers that traders who continue to bet against the Ethereum rival will likely be blown out of their positions by a short squeeze.
“This weekend is probably going to be nuts for alts.
SOL is going +$30 before this is all over.
Major squeeze through this level seems obvious.”
A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies.
At time of writing, Solana is switching hands for $25.
Next up is move-to-earn token STEPN (GMT), which he predicts will likely rally toward his target at $6.63.
“They are still active on socials and I expect that they start making announcements and trying to raise prices again to take advantage of this rally. Reclaim and retest setup that has been seen broadly across all alts is on the table as well. Send.”
At time of writing, GMT is trading at $0.49.
The last coin on the trader’s radar is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH). According to Cantering Clark, he expects OP to print fresh all-time highs.
“OP is about to enter price discovery. This means anyone who sold before was wrong, and new highs usually bring inflows from all types of traders.
New all-time high after a prolonged period of time is +expected value buy.
At time of writing, OP is swapping hands for $2.24, slightly above the trader’s resistance area of $2.
Check Latest News Headlines
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/Vink Fan/Natalia Siiatovskaia
This article was originally reported on The Daily Hodl.