Yesterday saw significant action from altcoins, especially following the ETF news about Solana. There was a strong push in Solana’s price, prompting some traders to take profits. As the market approaches the weekly close, it remains bullish for the weekend. A green close this week or next week could trigger a strong rally. Altcoins are showing strong momentum, and a slow upward move in Bitcoin could lead to gains in the altcoin market.
Strategic Moves: Analyst’s Altcoin Rotation
However, on Crypto Banter’s ‘The Sniper Trading Show’ the analyst/trader explained why he is choosing other altcoins over Solana, stating that he is being strategic. He used the hype around Solana to make his profits and has now moved on to other altcoins that are currently showing strength and are ready to rally.
He said that Polkadot is currently pumping and Chainlink is looking strong. He moves his investments to these coins to make money while Solana cools off. Once Solana is ready again, he plans to re-enter and increase his position.
To clarify, he is not out of his long-term investment in Solana but has exited his trade positions. He then recharted and bought Cardano at a higher price yesterday but managed to get better prices today. He finds Cardano easy to trade and is looking for it to pop to around 44 to 45 cents, which would significantly boost his portfolio.
Chainlink’s Strength and Market Positioning
The analyst started building positions in Chainlink and Cardano. He sees Cardano waking up and looking strong, so he plans to trade it for the next 10% profit. For Cardano, he bought at the bottom of a trend line, planning to put his stop loss just below. His strategy involves getting into full positions before a market push so that he is ready to take profits during a rally. He needs a 10% move from Cardano and Chainlink to reach his next target.
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This news is republished from another source.
