A closely watched crypto analyst says a decentralized finance (DeFi) altcoin is setting the stage to reach its all-time highs again.
Pseudonymous crypto strategist Rekt Capital tells Its 369,500 subscribers on social media platform
“Injective just needs to hold above $13.50 (orange) or $11.23 (green) to continue positioning itself for a long-awaited replay of the last major resistance before new all-time highs (red).”
INJ is trading at $16.55 at the time of writing.
The trader then puts forward smart contract platform Solana (SOL) says a pullback to $42 would be “healthy,” but a correction to $23 could be possible.
“SOL. Also, the $61 resistance was tapped even beyond. Is it time for Solana to pull back? It would be completely healthy for a dip to $42 (red). Overall, a monthly close above the purple area would be bullish and invalidate the green path.”
Solana is trading at $59.66 at the time of writing.
We move on to Cardano (ADA), another smart contract platform, Rekt Capital say that it is trading within a wide range between resistance at $0.40 and support at $0.24.
“Cardano represents a very clear macro range.”
Cardano is worth $0.381 at the time of writing.
Rekt Capital is also monitoring the interoperable blockchain Polkadot (DOT). According to the analyst, DOT could witness further rallies if it remains above its diagonal support around $5.
“Polkadot is now pulling back in an attempt to successfully retest the top of this macro market structure as new support. A successful retest would confirm the outbreak.”
DOT is trading at $5.42 at the time of writing.
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Generated image: Midjourney