A popular cryptocurrency strategist and trader predicted a new price hike for smart contract platform Solana. The trader also claimed that a low-value altcoin is preparing for a supply shock.
Analyst Credible said he expects Solana (SOL) to initiate a major rally after starting a new wave in its cycle:
“SOL is leading the market and macro seems to have completed its 4th wave as a triangle. This means that we are starting the last fifth wave of the first macro cycle of the SOL. It’s going to be epic and we’ll get a taste of what we’ll see overall in the coming months. I’m expecting $500 and above. ”
https://twitter. com/CredibleCrypto/status/1451580828249571329
Trader relies on Elliott Wave theory for Solana.
The crypto analyst is also keeping a close eye on Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance. According to Credible, there is a possibility that the CRV will go up to $6.50.
“CRV is synergistic with CVX (Convex Finance). I can’t explain it in a tweet – but when CVX goes up it increases the inherent value of CRV and when CRV goes up it increases the inherent value of CVX. ”
Convex Finance is a platform designed to assist CRV token holders and liquidity. Providers earn additional interest rewards. According to CoinGecko, at the time of writing, CRV was trading at $3.71 while CVX was changing hands at $19.81.
Credible says it’s on the rise in Curve as about 90% of its supply is locked for years to come.
“89% of all CRVs in circulation have been locked for approximately 3.7 years. So while everyone is clamoring to join the green candles, there will be a massive supply shock that sends prices even higher, faster. Yes, locking generates voting power – which is used to increase the throughput of other protocols – which is why the locked CRV is in high demand. ”
