A well-known crypto analyst discusses the future of Ethereum rival Solana (SOL) and the move-to-earn protocol STEPN (GMT).
DonAlt cautions Solana smart contract platform participants in a strategy session, that SOL appears bearish on the high timeframe charts after transforming weekly support at $140(R 2 260) into resistance.
DonAlt believes that the price action indicates that SOL is at risk of losing half of its value.
“Solana legitimately looks like the altcoins did in 2018. You have the perfect bearish retest… and then you realize the next support that you have if you toggle the weekly [chart], is that $47(R 759), which is 50% down. That’s the nearest support that I have and then it starts getting scary.
STEPN, a walk-to-earn startup whose GMT token has considerably corrected after seeing parabolic rises in recent weeks, is another coin on traders’ radar. DonAlt predicts that GMT will have extreme volatility in the coming week, which will create a great buying opportunity for bulls.
“I honestly can see [GMT] close at this level this weekend. And then next week wipe out big time and reverse it all back again like towards the end of the week. That would be a really, really good trade where you close where we are right now [at] $2.40(R 38.75), may be at $2.25(R 36.32), and then your wick down to $1.50(R 24.22) or $1.00(R 16.14) during next week if something crazy happens”
If you see that massive wick and see Bitcoin approaching support, I think you should just purchase it. And then you have an easy 2x to 3x just from that.”
GMT is now trading at $2.51(R 40.52) at the time of writing.