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

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

The crypto analyst who accurately called the 2018 bear market bottom for Bitcoin (BTC) says a trio of altcoins is 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 (SOL) has taken out the resistance of its symmetrical triangle formation.

“Multi-month accumulation break on SOL.”

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Source: Smart Contracter/Twitter

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

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

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Source: Smart Contracter/Twitter

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

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Source: Smart Contracter/Twitter

At time of writing, MATIC is swapping hands for $1.03, a 2.47% increase in the last 24 hours.

Looking at borrowing and lending protocol Aave (AAVE), Smart Contracter believes that the decentralized finance altcoin is in the process of carving a cycle bottom against Bitcoin (AAVE/BTC).

“An old favourite, AAVE putting in a bottom against BTC.”

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Source: Smart Contracter/Twitter

Looking at Bitcoin itself, Smart Contracter believes that BTC is about to breach its immediate resistance at $24,700 and ignite a rally toward its next resistance at $30,000.

“If BTC breaks $24,000, any corrective WXY structure from the lows is invalid in my eyes, and this move up would then be bullish accumulation and a series of 1-2s.

[BTC] still hasn’t broken out yet, but I suspect it will.”

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Source: Smart Contracter/Twitter

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Featured Image: Shutterstock/SimpleB/Nikelser Kate

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