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Crypto strategist and trader Scott Melker said Solana, FTX Token and two other crypto assets are breaking their downtrend.
In a new video, Melker tells his 105,000 YouTube subscribers that the smart contract platform Solana (SOL) is ready to revisit its all-time high after emerging from the market slump.
“Solana broke that [descending] blue line, retested it as a support, heading upward, the target here being at an all-time high.
Another coin that the trader says has ended its correction is FTT, the utility token of the FTX crypto derivatives exchange. According to Melker, FTT looks bullish after its strong rebound from its seven-day low at $ 48.
“This is the FTX token. You have that downward blue line, clear resistance. One, two, three, four, five touches on this resistance. Break up right now. [The] confirmation comes with a daily close above that line ($ 55).
According to Melker’s chart, the initial goal for the FTT is $ 63. If the bulls break through that level, the next target is FTT’s all-time high at $ 85, marking a potential move of over 51% from its current value of $ 56.
Next, the Ethereum Polygon (MATIC) scaling solution, which Melker says is following in the footsteps of FTT and SOL.
“MATIC, breaking that blue line right now. Same idea.
Melker’s chart shows that MATIC is preparing for a rally towards its next resistance at $ 1.70, which represents gains of almost 30% from its price of $ 1.31.
The last piece on the trader’s radar is the Fantom smart contract platform (FTM). According to Melker, FTM has also broken its diagonal resistance and is now ready for a recovery.
“FTM was a starter ($ 1.25). Breakthrough through resistance. Retest it as a support. On the way to the top.
According to the crypto-trader’s chart, FTM is close to hitting its target at $ 1.94. FTM is currently trading hands at $ 1.40, giving altcoin a 30% increase over Melker’s target.
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