The Daily Hodl

Top Trader Says Solana-Based Memecoin Setting Up for ‘Much Larger’ Leg Up – Here’s His Outlook
Daily Hodl Staff February 28, 2024

A widely followed analyst and trader believes one Solana (SOL) ecosystem memecoin is gearing up for a major breakout.

The analyst pseudonymously known as The Flow Horse tells his 202,800 followers on the social media platform X that dogwifhat (WIF) is on the verge of flipping a key resistance level at $0.42 into support and that could kick off a massive rally.


“There are some mega obvious setups across the board. Few are as clear as WIF right here. This base is setting up a much larger leg higher again.”

Source: The Flow Horse/X
WIF is trading for $0.62 at time of writing, up more than 30% in the last 24 hours.

Next up, the trader is turning bullish on Ethereum (ETH) layer-2 project Optimism (OP), preferring it over Arbitrum (ARB). He cites another social media user’s OP versus ARB ratio (OP/ARB) chart, which suggests OP is going to continue outperforming ARB.

“Agree. ARB isn’t a long hold, OP long stays on.”

Source: Comfortably Long/X
Optimism is trading for $3.73 at time of writing, down nearly 3% in the last 24 hours.

The trader is also bearish on ARB because of the project’s scheduled token unlocks. Unlocks are often perceived as bearish because they create a new sellable supply.

“Oh yeah, way worse than I knew about. Taking this off. No use tying up capital in anything that isn’t A+ right now with the amount of trades that are available.”

Source: The Flow Horse/X
Arbitrum is trading for $1.91 at time of writing, down more than 2% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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HomeCrypto NewsMarketCardano Bull Dan Gambardello Makes Intriguing ADA Forecast

Cardano Bull Dan Gambardello Makes Intriguing ADA Forecast

DATE:

FEBRUARY 28, 2024
WRITTEN BY:

GODFREY BENJAMIN
Cardano ADA
Cardano ADA
With the current crypto market outlook, Cardano (ADA) proponent Dan Gambardello recently predicted that ADA could soar beyond the $1 price mark soon.

Dan Gambardello, the founder of Crypto Capital Venture, asserted in a recent post that ADA’s days below $1 would soon be over. He has always projected a massive uptick for the coin as he and other analysts believe the asset has minimal resistance to print a new All-Time High (ATH).

Cardano won’t be below $1 much longer.

— Dan Gambardello (@cryptorecruitr) February 27, 2024

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Cardano Price History
Cardano has rich historical price trends that complement the projections made by Gamberdello. While it traded as low as $0.01735 in October 2017, ADA has recorded an unsustained breakout above the $1 mark on several occasions in the past.

One of the earliest price breakouts above $1 came on January 4, 2018 when the price of ADA touched $1.094. The coin dropped after achieving this feat and did not retest the $1 mark until early February 2021. The 2021 Calendar year marked an exceptional one for Cardano, seeing its price rallied to the ATH above $3.1.


ADA Chart | CoinMarketCap
The slump recorded after that cycle top has been intense, dragging the price of Cardano to a low of $0.2304 over the past year.

Current indications now show the worst is over and Cardano is on track to ride the current bullish wave surrounding Bitcoin (BTC). The asset seeks to chart a defined path for itself in the mid to long term.

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Cardano Price Forecast
While the latest message from Dan Gambardello exudes optimism, in precious calls, the analyst has projected the likelihood of ADA hitting the $1 price mark before the upcoming Bitcoin halving event.

Beyond Gambardello, other analysts are very bullish on ADA, with some of the most conservative projections pegging the price of the cryptocurrency at $3 in the near future.

Cardano as a protocol is gearing up to back up these forecasts with more intense ecosystem development.

As reported earlier by The Crypto Basic, the blockchain has unveiled 300 projects it is funding through the Project Catalyst Fund 11. With more DApps and real world use cases set to make their emergence on Cardano, the protocol is primed for more impressive growth in the long term.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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TAGSADACARDANO NEWSCARDANO PRICE
Author

Godfrey Benjamin
Godfrey Benjamin
https://thecryptobasic.com/
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web3.0. His love for crypto was birthed when as a former banker, he discovered the obvious advantaged of decentralized money over traditional payments. With his vast experience covering different aspects of Web3, Godfrey's articles has been featured on Blockchain News, Cryptonews Com, and Coingape amongst others. When not writing contents related to crypto, you can find him playing video games.
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