A well-known crypto strategist celebrated for accurate altcoin forecasts believes a competitor to Ethereum (ETH) is set for significant upward momentum.
The pseudonymous analyst Bluntz informs his 275,500 followers on the social media platform X that Near (NEAR) has broken through the diagonal resistance of a falling wedge pattern observed on the three-day chart.
This falling wedge formation is perceived as a bullish reversal indicator, suggesting that buyers are stepping in to slow down the decline in the asset’s price.
Bluntz states,
“The three-day candle is close to closing and NEAR is showcasing a beautiful trend break now.”
Upon closer inspection, Bluntz observes that NEAR seems to be mirroring the performance of another layer-1 protocol, Sui (SUI), which has seen gains of approximately 120% this month.
“NEAR is finally gaining traction with a channel breakout.
In such environments, it often signals a major breakout is imminent.”
As of now, NEAR is valued at $5.38, showing an increase of over 5% in the past day.
The trader also expresses optimism about the Solana (SOL)-based memecoin dogwifhat (WIF). He shares a chart indicating that WIF has surpassed a multi-month resistance level.
“Fasten your seatbelts, are you prepared for round 2?”
At the time of writing, WIF is trading at $2.01, significantly above its diagonal resistance.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before undertaking any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that any transactions and trades are conducted at your own risk and that any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment adviser. Please note that The Daily Hodl may participate in affiliate marketing.
Featured Image: Shutterstock/Elena Abrazhevich/INelson
