After a week of massive market volatility due to a crypto ban in China, the value of Bitcoin surged 4.35% on Tuesday. With the Greens dominating most cryptocurrencies, Ether saw a 0.84 percent increase, while Dogecoin saw a massive 11.19 percent price hike.
Cardano, Tether, and Ripple are just a few of the major cryptocurrencies that have seen their prices soar.
A popular analyst and trader known as “Altcoin Sherpa” on Twitter predicted rallies for smart contract platforms Solana and Avalanche. It also anticipates the next levels for DyDx and Ren
The analyst says the recent price hike on smart contract platform Terra (LUNA) has convinced him that Solana will erupt sooner than he expected.
“$SOL: I had an idea that #Solana was going to be around 130-175 for a while, but seeing what LUNA just did, I think this is really going to happen sooner rather than later.”
At the time of writing, SOL is trading at $168.77, down 1.7% in the last 24 hours.
Sherpa notes that while he took some profit in AVAX at $70, he still has a stake and expects another rally. He says,
With the success of the NFTs, the L1s had another leg to go.
At the time of writing, AVAX is trading at $65.73, down 2% in the last 24 hours.
Decentralized exchange dYdX (DYDX) will be next, having gained 26% in the past week to $24.66 at the time of writing. After a small pullback, the trader anticipates that the currency will surpass all-time highs.
“$DYDX: This is what you want to see to continue consolidation at .382.”
However, he also mentioned that a small pullback could be seen at the ATH levels but expects this to break above the all-time highs.
At the time of writing, DYDX is trading at $23.02, down 7.3% in the last 24 hours.
Next on the watch for analysts is digital asset conversion program Ren. Sherpas see an upward trend with higher highs and lower lows on the chart. He also adds that a new low around $1 could be a strong buying zone.
At the time of writing, REN is trading at $1.25, up 5.3% in the last 24 hours.