Analyst Says DeFi Altcoin Gearing Up To Revisit All-Time Highs, Updates Outlook on Solana, Cardano and Polkadot
A closely followed crypto analyst says that one decentralized finance (DeFi) altcoin is setting the stage to revisit its all-time highs.
Pseudonymous crypto strategist Rekt Capital tells his 369,500 subscribers on the social media platform X that the decentralized exchange (DEX) platform Injective Protocol (INJ) is positioning itself to skyrocket to its previous all-time high of around $21.40.
“Injective just needs to stay above either $13.50 (orange) or $11.23 (green) to continue to position itself for a long-awaited revisit of the last major resistance before new all-time highs (red).”
INJ is trading for $16.55 at time of writing.
The trader then brings up the smart contract platform Solana (SOL), saying that a pullback to $42 would be “healthy,” but that a correction as far as the $23 could be possible.
“SOL. Also tapped the $61 resistance, even overextending beyond it. Is it time for Solana to pull back? It would be entirely healthy for a dip to $42 (red) Generally, a monthly close above the purple area would be bullish and invalidate the green path.”
Solana is trading for $59.66 at time of writing.
Moving on to Cardano (ADA), another smart contract platform, Rekt Capital says that it is trading within a wide range between resistance at $0.40 and support at $0.24.
“Cardano is forming a very clear macro range.”
Cardano is worth $0.381 at time of writing.
Rekt Capital is also keeping an eye on the interoperable blockchain Polkadot (DOT). According to the analyst, DOT could witness further rallies if it stays above its diagonal support at around $5.
“Polkadot is now pulling back in an effort to successfully retest the top of this macro market structure as new support. Successful retest would confirm the breakout.”
DOT is trading for $5.42 at time of writing.
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