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A widely followed crypto trader says one Ethereum (ETH) competitor is bottoming out after losing about 95% of its value in 2022.
Pseudonymous analyst Cantering Clark told his 156,300 Twitter followers that market sentiment for smart contract platform Solana (SOL) is very bearish and could actually be a local bottom signal. I say yes.
“The market here actually seems a little crowded. and I think it could be an indication that we may hit bottom here in the near future.”
Last week, Cantering Clark predicted He said SOL could drop significantly, while Ethereum rivals could drop between $5 and $3.well, trader I believe That Solana’s card has a short squeeze.
“Probably a longer SOL for more squeeze.”
A short squeeze forces traders, who expect to borrow units of an asset at a particular price and sell it at a lower price to pocket the difference, to buy back the asset as the trade moves against the bias. Occurs when
According to data from analytics firm CoinGlass, shorts accounted for more than 51% of SOL positions in the last 12 hours, suggesting that traders are betting altcoins will fall.
At the time of writing, the Solana is trading at $9.80, a slight markdown for the day.
Cantering Clark on what 2023 will bring to the cryptocurrency market Predict The digital asset is likely to trade in wide ranges without breaking record highs.
“Here are my predictions for 2023. Big ranges across all asset classes and no new all-time highs. Gold continues to outperform.”
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Featured Image: Shutterstock/Tithi Luadthong/Iryna_Khomenko
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