A popular crypto analyst known for timely altcoin calls says that some wild volatility could be in play for Ethereum challenger Cardano (ADA).
The pseudonymous trader known as Pentoshi tells his 584,000 Twitter followers that after a strong and lengthy downtrend, Cardano is likely in for a big relief bounce.
According to the analyst’s chart, Cardano could rally to his initial target at $0.64. Above that level, the next target is in the $1.00 to $1.10 range.
“ADA update:
Eventually, this will have some pretty wild mean reversion.
I certainly wouldn’t be shorting here (would wait for a nice bounce to do that if it rejects at purple sometime in July.”
At time of writing, ADA is swapping hands for $0.45.
Pentoshi also has his eye on another Ethereum (ETH) rival for potential opportunities.
According to the trader, smart contract platform Solana (SOL) will continue to weather more pain as long as it stays under the $130 level. He says that SOL is on its way to $20 before the year’s end...
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