Solana, FTT and Two Additional Altcoins Breaking Out of Market Slumps, According to Crypto Analyst Scott Melker
Crypto strategist and trader Scott Melker says Solana, FTX Token and two other crypto assets are breaking out of their downtrends.
In a new video, Melker tells his 105,000 YouTube subscribers that smart contract platform Solana (SOL) is ready to revisit its all-time high after breaking out of its market slump.
“Solana broke that [descending] blue line, retested it as support, heading up, the target being up here at the all-time highs.”
Another coin that the trader says has ended its correction is FTT, the utility token of crypto derivatives exchange FTX. According to Melker, FTT looks bullish after its strong bounce from its seven-day low at $48.
“This is FTX Token. You have this descending blue line, clear resistance. One, two, three, four, five touches on that resistance. Breaking right now. [The] confirmation comes with a daily close above this line ($55).”
According to Melker’s chart, the initial target for FTT is $63. If bulls break that level, the next target is FTT’s all-time high at $85, marking a potential move of over 51% from its current value of $56.
Next up is Ethereum scaling solution Polygon (MATIC), which Melker says is following in the footsteps of both FTT and SOL.
“MATIC, breaking that blue line right now. Same idea.”
Melker’s chart shows that MATIC is gearing up for a rally to its next resistance at $1.70, representing gains of nearly 30% from its price of $1.31.
The last coin on the trader’s radar is smart contract platform Fantom (FTM). According to Melker, FTM also broke out of its diagonal resistance and is now primed for a recovery.
“FTM, this was an entry ($1.25). Breakout through resistance. Retest it as support. Heading up.”
According to the crypto trader’s chart, FTM is poised to surge to his target at $1.94. FTM is currently exchanging hands at $1.40, which gives the altcoin a 30% upside to Melker’s target.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Sergey Nivens/REDPIXEL.PL
Credit: Source link