Following the projections given at the start of the week, the global crypto market has done nicely. Because there was a brief period of bearishness that impacted market performance, the bullishness has continued as projected with slight changes. The market has gained more value as a result of the shift in the trend.
A well-known crypto analyst is suddenly upbeat about the prospects of two Ethereum (ETH) competitors.
Terra(LUNA)
The presenter of InvestAnswers tells his subscribers in a new strategy session that he’s “extremely positive” on LUNA due to Terra’s ambitions to transition from an algorithmic stablecoin to one backed in part by Bitcoin (BTC).
He says he is a huge fan of LUNA, because of what they have planned, he has grown almost overly optimistic about LUNA Price. Switching from an algorithmic to a Bitcoin-backed, or even partially Bitcoin-backed, stablecoin might be a major changer. “The sky’s the limit,” he said.
Terra co-founder Do Kwon recently announced that the company would be buying billions of dollars worth of Bitcoin for its TerraUSD (UST) reserves.
At the time of writing, LUNA is trading at $93.89 down by 1.2% in the last 24 hours. The support is at $92.12 and the resistance is at $95.48.
Solana(SOL)
According to the expert, Ethereum competitor Solana (SOL) is also showing signs of being undervalued. As long as Ethereum keeps altcoin markets going, he believes SOL will eventually break through its resistance around $150.
He opines that despite being in beta status and experiencing issues back in September, this is the best SCP (smart contract platform) out there, and it’s grossly underestimated. Every single measure, all 19 of them, is a bombshell. Total value locked (TVL) is the worst; it’s not horrible, but it’s not as strong as the others because it doesn’t provide the same degree of incentives.
However, he believes it is only a question of time. If Ethereum reaches $4,000, Solana will be very high, very fast, and very far, but anything might happen. Avalanche (AVAX) Price has the potential to hit $200. LUNA’s price could rise to $250. Solana may be worth $150, he added.
At the time of writing, SOL is trading at $101.49 up by 8.8% in the last 24 hours. The support is at $92.71 and the resistance is at $102.10.
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Source: https://coinpedia.org/altcoin/erra-luna-price-solana-sol-price-to-rally/