Credible Crypto Predicts New Rally For Solana & Supply Shock For CRV
A top cryptocurrency analyst and trader, known as Credible Crypto, expects a new rally for smart contract platform Solana (SOL). He also predicts that supply shock is coming for Curve (CRV).
Solana (SOL)
Credible Crypto shared with his 253K followers on Twitter a prediction for Solana (SOL) to kick off a huge rally after breaking out resistance and entering a new wave of its cycle.
“SOL is leading the market and looks to have completed its macro 4th wave as a triangle. This implies we have begun the final fifth wave of SOL’s first macrocycle. This is going to be epic and a taste of what we will see across the board in the coming months. Expecting $500+.”
$SOL is leading the market and looks to have completed its macro 4th wave as a triangle. This implies we have begun the final 5th wave of SOL's first macro cycle. This is going to be epic- and a taste of what we will see across the board in the coming months. Expecting $500+. pic.twitter.com/wtAHopVNlJ
The analyst uses Elliott Wave theory, which is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies impulse waves that set up a pattern and corrective waves that oppose the larger trend. Each set of waves is nested within a larger set of waves that adhere to the same impulse or corrective pattern, which is described as a fractal approach to investing.
Curve (CRV)
Credible Crypto is also looking into Curve (CRV), the governance token of stablecoin-focused decentralized exchange (DEX) Curve Finance. The analyst predicts CRV to rise to $6.50 now that it has cleared key resistance at $3.50.
“CRV is synergistic with CVX (Convex Finance). I can’t explain the mechanics in a tweet – but when CVX goes up it increases the inherent value of CRV and when CRV goes up it increases the inherent value of CVX.”
Up 50% from when I tweeted about this last and we haven't even broken out yet lol. $CRV is synergistic with $CVX. I can't explain the mechanics in a tweet- but when $CVX goes up it increases the inherent value of $CRV and when $CRV goes up it increases the inherent value of $CVX. https://t.co/ssAtZmRUPLpic.twitter.com/9Y3Kwff0j7
Convex Finance is a platform designed to help CRV token holders and liquidity providers earn additional interest rewards: “Convex simplifies your Curve-boosting experience to maximize your yields.”
According to CoinMarketCap, at time of writing, CRV trades at $3.68 and CVX at $20.5.
Credible explains why he is bullish on Curve: nearly 90% of CRV supply is locked for the coming years.
“Oh, and 89% of all circulating CRV is locked away for around 3.7 years lmao. So when we DO break out and everyone is clamoring to join in on the green candles, there is going to be a massive supply shock that sends prices even higher, faster. Get yours before it all starts… Yea so locking generates voting power – which in turn is used to boost yields for other protocols – so vote locked CRV is in high demand.”
Oh, and 89% of all circulating $CRV is locked away for around 3.7 years lmao. So when we DO break out and everyone is clamoring to join in on the green candles there is going to be a massive supply shock that sends price even higher, faster. Get yours before it all starts ? https://t.co/TCpYMGQGEPpic.twitter.com/L18dL13Hgw
