Home Markets Solana, Avalanche, and Polygon Breakout as DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst

Solana, Avalanche, and Polygon Breakout as DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst

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Solana, Avalanche, and Polygon Breakout as DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst

The crypto analyst who accurately labeled the 2018 bear market low for Bitcoin (BTC) says a trio of altcoins are in the midst of a breakout.

The pseudonymous analyst known in the industry as Smart Contracter tells his 210,500 Twitter followers that Ethereum (ETH) challenger Solana (FLOOR) has eliminated the resistance of its symmetrical triangle formation.

“Multi-month accumulation break on SOL.”

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Source: Smart entrepreneur/Twitter

At the time of writing, SOL is changing hands for $46.98.

The crypto strategist says fellow smart contract protocol Avalanche (AVAX) as well as the Ethereum scaling solution Polygon (MATIC) also burned down the resistance of their respective triangles.

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Source: Smart entrepreneur/Twitter

At the time of writing, AVAX is trading at $29.44, down 1.38% on the day.

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Source: Smart Entrepreneur/Twitter

As of this writing, MATIC is changing hands for $1.03, an increase of 2.47% in the last 24 hours.

Looking at the Aave Borrowing and Lending Protocol (AAV), Smart Contracter believes that the decentralized finance altcoin is making a cycle bottom against Bitcoin (AAVE/BTC).

“A former favorite, AAVE putting a bottom against BTC.”

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Source: Smart entrepreneur/Twitter

Looking at Bitcoin itself, Smart Contracter believes BTC is close to breaking its immediate resistance at $24,700 and triggering a rally towards its next resistance at $30,000.

“If BTC breaks above $24,000, any WXY corrective pattern from the lows is invalid in my view, and this rise would then be a bullish buildup and a 1-2 series.

[BTC] hasn’t erupted yet, but I suspect it will.

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Source: Smart entrepreneur/Twitter

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Featured image: Shutterstock/SimpleB/Nikelser Kate

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