A prominent cryptocurrency analyst and trader is adopting a bullish stance on a leading Ethereum (ETH) competitor while providing his insights on XRP and the decentralized finance (DeFi) protocol Curve DAO (CRV).
Beginning with Ethereum rival Solana (SOL), the analyst known by the alias Credible Crypto informs his 423,200 followers on the platform X that he is initiating a long position on the fifth-largest crypto asset by market capitalization.
Credible Crypto states that his bullish argument for Solana will be negated if SOL drops below $126, while his profit-taking target is set around $163.
“It’s a straightforward play based on the assumption that we may witness some overall relief.”
“Tested local demand, aiming for the nearby equal highs above into high time frame supply…”
“…Clearly, if Bitcoin does not experience some relief and we continue to decline, I will be stopped out on this.”
Currently, Solana is trading at $138.
Shifting focus to XRP, the well-known analyst indicates that the seventh-largest crypto asset by market cap has recently offered an opportunity on the daily time frame. According to Credible Crypto’s chart, it seems he is suggesting that XRP could rise above $0.69, a potential increase of about 33% from its present level.
“It’s important to note that if we lose the lower time frame blue zone (midrange ~$0.50), we could very well return to the range lows [below $0.40], so it’s crucial to manage risk here.”
Currently, XRP is trading at $0.517.
Next, we look at the DeFi protocol Curve DAO. The widely recognized analyst notes that he remains optimistic about CRV in the long term but anticipates the altcoin to decline by at least eight percent from its current price.
“I’m only purchasing a small amount now to potentially capitalize on a relief bounce – I still believe we will drop below $0.24 and likely even lower if Bitcoin falls as low as I predict.”
Currently, CRV is trading at $0.256.
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