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A widely followed trader says he sees more upside potential for the Solana (SOL) smart contract platform and two tokens flying under the radar.
The pseudonym Cantering Clark tells his 158,900 Twitter followers that traders who continue to bet against the Ethereum rival will likely be kicked out of their positions with a short squeeze.
“This weekend is probably going to be crazy for the alts.
SOL goes +$30 before it’s all over.
A major compression at this level seems obvious.
Source: Clark at a gallop/Twitter
A short squeeze occurs when traders who borrow an asset at a certain price in hopes of selling it at a lower price to pocket the difference are forced to repurchase the assets they borrowed as momentum shifts against them, triggering new rallies.
As of this writing, Solana is changing hands for $25.
Next up is the STEPN (GMT) token, which he believes will likely approach his target at $6.63.
“They are still active on social media and I expect them to start making announcements and trying to raise prices again to take advantage of this rally. Recovering and retesting the setup which has been seen widely in all alts is also on the table. Send.”
Source: Clark at a gallop/Twitter
At the time of writing, GMT is trading at $0.49.
The latest coin on the trader’s radar is Optimism (OP), a layer 2 scaling solution for Ethereum (ETH). According to Cantering Clark, he expects OP to print new all-time highs.
“OP is about to enter price discovery. This means that everyone who has sold before has been wrong, and new highs usually bring in entries from all types of traders.
The new all-time high after an extended period is +Expected Value Buy.
Send.”
Source: Clark at a gallop/Twitter
At the time of writing, OP is trading his hands for $2.24, slightly above the trader’s resistance zone of $2.
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