July 24, 2024

Top Analyst Flips Bullish on Ethereum Layer-2 Altcoin, Says Clear Skies Ahead for One DeFi Crypto

A crypto strategist who nailed the top of the Bitcoin (BTC) bull market in 2021 believes that one Ethereum (ETH) scaling solution that’s trading under the radar will see a burst to the upside.

Pseudonymous crypto strategist Pentoshi tells his 727,200 followers on the social media platform X that he’s bullish on Arbitrum (ARB).

According to the analyst, ARB will likely receive a shot in the arm if it manages to take out its immediate resistance at $1.70.

“I think it needs to get over $1.70 to really get anyone excited. Has a great shot at trading up there near term.” 

Source: Pentoshi/X

At time of writing, ARB is trading for $1.38.

The analyst is also keeping an eye on Injective (INJ), a decentralized exchange that aims to offer a variety of financial products including spot trading and futures. According to Pentoshi, it’s clear skies for INJ as there is no resistance left to stop the altcoin from price discovery.

“This is one of the craziest charts in the entire space, and currently in price discovery. So right now it’s clear skies. I don’t know if you get it, but I think under $30 is a buy if given the chance.”

Source: Pentoshi/X

At time of writing, INJ is trading for $42.14.

The analyst is also looking at Optimism (OP), another layer-2 altcoin. According to Pentoshi, OP also has no known resistance left after breaking its recent all-time high at around $3.29.

“About to begin price discovery… Often around discovery is a great time to buy as it’s likely to have continuation after some consolidation.” 

Source: Pentoshi/X

At time of writing, OP is worth $3.42.

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