Crypto strategist and trader Scott Melker says Solana, FTX Token and two other crypto assets are breaking out of their downtrends.
In a new video, Melker tells its 105,000 YouTube subscribers that the Solana (SOL) smart contract platform is ready to hit its all-time high again after breaking out of its market slump.
“Solana broke that [descending] blue line, tested again as support, upwards, the goal here is at the all-time highs. ”
Another coin that the trader says has finished its correction is FTT, the utility token of the crypto derivatives exchange FTX. According to Melker, the FTT looks bullish after its strong rebound from its 7-day low at $ 48.
“This is FTX token. You have this descending blue line, a clear resistance. One, two, three, four, five touches this resistance. Breaking straight. [The] Confirmation comes with a day close over that line ($ 55). “
According to Melkers chart, the initial target for FTT is $ 63. If the bulls break this level, the next target is the FTT’s all-time high at $ 85, a potential move of over 51% from its current value of $ 56.
Next up is the Ethereum scaling solution Polygon (MATIC), which Melker says is following in the footsteps of FTT and SOL.
“MATIC, is just breaking this blue line. Same idea. “
Melkers chart shows that MATIC is preparing to rally to the next resistance at $ 1.70, a gain of nearly 30% from its price of $ 1.31.
The last coin on the trader’s radar is the Fantom (FTM) smart contract platform. According to Melker, FTM has also broken out of its diagonal resistance and is now prepared for a recovery.
“FTM, that was an entry ($ 1.25). Breakout through resistance. Test it again as a backup. On the way up.”
According to the crypto trader’s chart, FTM is poised to hit its target at $ 1.94. FTM is currently trading hands at $ 1.40, giving the altcoin a 30% gain over Melker’s target.
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