InvestAnswers: Terra (LUNA) And Solana (SOL) Look Really Strong
According to a widely followed crypto analyst, two Ethereum competitors, Terra (LUNA) and Solana (SOL) are doing really well at the moment.
Terra (LUNA)
In a recent video update, the host of YouTube channel InvestAnswers talked about the performance of the decentralized stablecoin issuer Terra (LUNA) over the past two months, and points out the project’s structural links to Bitcoin (BTC).
“There’s no signs up stopping LUNA. It’s up 166% in 60 days.
Again, the master stroke of Do Kwon making a Bitcoin-backed algorithmic stablecoin. I believe it will be a game changer, I’m very bullish.
I’m not sure why he stopped (buying BTC). I think he’s waiting for a dip. But just look at that chart, it is a beast and I don’t see it stopping.”
He also discussed about the theoretical model, introduced on March 24th for how Terra could reach a $80,000 per coin valuation by using Bitcoin as collateral.
“It’s making all the steps in the right direction, and it’s tracking pretty closely with where we are.”
At the time of writing, LUNA trades at $104, down 3% on the daily chart.
Solana (SOL)
Next up, is another Ethereum rival Solana (SOL), and its recent moves against Bitcoin.
“It was rejected exactly off the 200-day moving average.
This SOL-to-Bitcoin ratio is pretty crucial to follow. I did think the bottom was at 0.0022, but it did fall down to 0.002.
Then it just skyrocketed because of a huge amount of money flow, and now we are getting rejected off, but I do think we’re going to bounce up from there.”
At the time of writing, SOL trades at $120, up 7% on the daily chart.
Ethereum (ETH)
Looking into the leading smart contract platform, Ethereum, the analyst believes that ETH is stuck in a tight price range and it’s difficult to predict where it moves next.
“If you look at the last five days for Ethereum, we have bumped up above $3,500 a couple of times but it just falls right back down again.
It’s in this super-tight range, $3,450 to $3,460, up to $3,520 and $3,560. It’s just up and down, up and down. It’s weird, it’s unusual. It tells me something’s got to give.
Looking at all the bearish call option and put option action out there, it makes me think I don’t know where this is going to go.”
At the time of writing, ETH trades at $3,220, up 0.84% on the daily.
