A crypto strategist known for his timely altcoin predictions believes one challenger to Ethereum (ETH) is ready for a major rally.
Anonymous analyst Blunts told his 275,500 followers on social media platform X that NEAR had broken the diagonal resistance of a falling wedge pattern on the 3-day chart.
A falling wedge structure is considered a bullish reversal signal as it suggests that buyers are intervening to slow the rate of decline in the asset price.
Bluntz says:
“The 3-day candle close is imminent and NEAR is currently showing a beautiful trend breakout.”
Bluntz said that upon closer inspection, NEAR appears to be following in the footsteps of layer 1 protocol Sui (SUI), an altcoin that has seen gains of around 120% this month.
“NEAR is finally gaining hot popularity with its channel breakthrough.
In such an environment, it usually indicates that a huge breakthrough is underway.”
At the time of writing, NEAR is valued at $5.38, up more than 5% over the past day.
The trader is also bullish on Solana (SOL)-based memecoin dogwifhat (WIF). The analyst shares a chart suggesting that WIF has broken through a multi-month resistance level.
“Fasten your seatbelts, are you ready for round two?”
As of this writing, WIF is trading at $2.01, well above the diagonal resistance line.
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Featured image: Shutterstock/Elena Abrazhevich/INelson