This Altcoin is Set for a Bullish Surge, According to a Popular Analyst
A well-known trader, operating under the alias The Flow Horse, has recently shared insights suggesting bullish prospects for a not-so-popular altcoin.
The Flow Horse hints at potential movements within the Ethereum layer-2 realm. Specifically, attention is drawn to CELO, the native asset of a crypto project transitioning towards Ethereum’s scaling infrastructure, as a candidate for significant growth.
Bought spot $CELO pic.twitter.com/W6RchlO9NJ
— HORSE (@TheFlowHorse) February 24, 2024
Expressing optimism for the Ethereum layer-2 sector, the trader highlights a notable pair approaching a breakout phase, signaling a possible shift from a prolonged accumulation period. The trader discloses their decision to accumulate CELO tokens, indicating a bullish stance on the asset.
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Analyzing the trader’s observations, it appears that CELO might have reached a bottom in its market cycle and is primed for an upward trend. At present, CELO is valued at $0.875, exhibiting a nearly 10% increase over the past 24 hours.
Furthermore, the trader evaluates the Solana versus Ethereum ratio (SOL/ETH), suggesting a favorable outlook for Ethereum over Solana.
This assessment extends to the anticipation of Ethereum outperforming Solana, especially in light of market sentiments regarding the potential approval of a spot Ethereum exchange-traded fund (ETF).
The trader suggests a prolonged downward trend in the SOL/ETH ratio, projecting a reversal when the probability of Ethereum ETF approval significantly rises, indicating market optimism.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
