Tuesday and Wednesday has been a bullish day for the cryptocurrencies with the global cryptocurrencies surging by 2.48% to trade at $1.94 trillion over the last 24hrs.
This bulls rally is led by the two largest cryptocurrencies Bitcoin and Ethereum as both are up by more than 2% over the last 24hrs.
Analyst Sets Target For Solana, Avalanche and Terra
A well-known crypto strategist pseudonymously known as Inmortal, discloses his long-term price target for Ethereum killer Solana (SOL) while predicting a bull run for Avalanche (AVAX) and Terra (LUNA).
According to his predictions, the analyst, Inmortal informs his 152,100 Twitter followers that is forecasting Terra (LUNA), a decentralized finance payment network to push up its price to triple digits after seeing a support at $80.
At the time of writing, Terra (LUNA) is trading at $96.79 with an increase of 6.85% over the last 24hrs.
The next cryptocurrency on Inmortal’s radar is Avalanche, an Ethereum competitor and smart contract protocol. According to this Crypto strategist, Avalanche is mostly expected to follow the track of Terra (LUNA).
At the presstime Avalanche is changing hands at $80.97 with an upswing of 3.77% over the last 24hrs.
While he talks about Solana, another Ethereum killer, Inmortal expresses that this smart contract can possibly see head north with an 830% surge from its current price trade.
At the time of writing, Solana is trading at $110.59 with an increase of 6.82% in the last 24hrs.
Meanwhile the Crypto strategist expects Bitcoin to see a bull run after the world’s largest crypto by market cap has recovered a key level of $40,000.
On the other hand, Inmortal asserts that the one who shorted Bitcoin while the flagship currency was trading below $40,000 are now trapped and are most likely to see buy pressure in order to cut their losses.
It is to be noted that those traders who short sell Bitcoin will borrow Bitcoin from an exchange and sell it at a certain price with a hope of making profits by refunding the Bitcoins bought at lower price.
Hence, if the Bitcoin price moves against their expectation, they will be forced to purchase Bitcoin at higher prices to repay the exchanges and this inturn will push Bitcoin price rally.