Avalanche-Based Altcoin Set for Breakout, Crypto Analyst Predicts
A popular crypto trader believes that an altcoin built on the Avalanche blockchain is on the verge of a major breakout. According to the trader, the native governance token of TraderJoe (JOE), an automated market maker decentralized exchange (DEX), could potentially surge by more than 28% from its current value.
Trader’s Analysis
The trader, known as Kaleo, shared a chart with his followers on social media platform X, indicating that JOE’s upward trend may continue after breaking through a bullish trendline. Kaleo also points out that the token’s growth could be boosted by a recent announcement from the Avalanche Foundation. The foundation revealed plans to actively support meme coin projects within its ecosystem.
Kaleo believes that increased swap volume resulting from the attention generated by the foundation’s announcement could serve as the catalyst for JOE’s price surge.
Predictions for JOE and Solana
Kaleo predicts that JOE will eventually trade for more than $1, providing a potential opportunity for investors looking to capitalize on its growth. The trader also shared his outlook on Solana (SOL), an Ethereum competitor. According to Kaleo, Solana is poised to soar to $200 after breaking out of a bullish trendline in the $150 range.
Current Prices
At the time of writing, JOE is trading at $0.77, showing a slight increase in the last 24 hours. Similarly, Solana is priced at $165.73, reflecting a gain of over 4.5% during the same period.
Hot Take: Opportunities for Traders
If Kaleo’s predictions come true, traders and investors could potentially profit from the price movements of JOE and Solana. With JOE showing signs of a breakout and Solana expected to reach $200, it may be worth considering these assets for your portfolio.
Remember, as with any investment, it’s important to conduct your own research and exercise caution when trading cryptocurrencies. Market conditions can change rapidly, and prices are subject to volatility.
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