A widely followed crypto trader believes that one Avalanche (AVAX)-based altcoin is gearing up for a massive breakout.
Pseudonymous analyst Kaleo tells his 620,300 followers on the social media platform X that the native governance token of TraderJoe (JOE), an automated market maker (AMM) decentralized exchange (DEX), could soar more than 28% from its current value.
The trader’s chart suggests JOE’s uptrend could continue after breaking through a bullish trendline. He also believes the token’s growth could increase due to a recent announcement by the Avalanche Foundation to actively support memecoin projects in its ecosystem.
“This is the JOE chart. It’s primed for a massive move. Just needs a little spark to send it above the resistance in this lower range that it’s currently sitting at. Increased swap volume from the attention that the above [memecoin support] announcement will lead to should be that spark.”
The trader predicts that JOE will eventually trade for more than $1.
“Alright bros, final warning before takeoff. JOE is about to send to $1.00-plus on the next leg up.”
Looking at the trader’s chart, he seems to suggest that JOE is holding the key level around $0.77 as support and will bounce higher.
JOE is trading for $0.77 at time of writing, up slightly in the last 24 hours.
The trader is also predicting that Ethereum (ETH) competitor Solana (SOL) will soar to $200 after breaking out of a bullish trendline in the $150 range.
“SOL with the breakout. Send it to $200 with haste.”
Solana is trading for $165.73 at time of writing, up more than 4.5% in the last 24 hours.
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Featured Image: Shutterstock/Natalia Siiatovskaia/NextMarsMedia