Key Points:
- This weekend will most likely be crazy for Altcoins. Before this is through, Solana will be +30, according to a well-known trader.
- STEPN (GMT) is expected to climb reaching the target price of $6.63.
- Optimism (OP), a layer-2 scaling solution for Ethereum will set new all-time highs.
A well-known trader believes smart contract platform Solana (SOL) and two Altcoins flying under the radar have more upside potential.
Cantering Clark, a pseudonymous Twitter user, warns that traders who continue to bet against Ethereum will be blasted out of their holdings by a short squeeze.
According to Clark, this weekend will most likely be crazy for Altcoins. Before this is through, $SOL will be +30. This level appears to be a major squeeze.
A short squeeze occurs when traders who borrow an item at a given price with the intention of selling it at a lower price and pocketing the difference are compelled to buy back the assets they borrowed when momentum shifts against them, causing additional rallies.
Solana is currently trading for $24.38 at the time of writing, representing an increase of 0.7% over the last 24 hours.
Next up is the move-to-earn token STEPN (GMT), which he expects to climb reaching his target price of $6.63.
As he wrote, they are still active on socials and he expects that they start making announcements and trying to raise prices again to take advantage of this rally. The reclaim and retest setup that has been seen broadly across all Altcoins is on the table as well.
I bought it (GMT) because of a technical setup that is taking place across all alts and manifesting the same way. My belief is that the team (like most others) are going to take advantage of a positive market by making useless announcements that add to the reflexivity.
He explained
At the time of writing, GMT is trading at $0.49, seeing a dramatic increase of 21% over the last 24 hours.
Optimism (OP), a layer-2 scaling solution for Ethereum, is the final currency on the trader’s radar (ETH). Cantering Clark predicts that OP will set new 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 the time of writing, OP is trading for $2.18, fluctuating at the trader’s resistance level of $2.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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