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A widely followed crypto strategist thinks that it’s almost time for the wider altcoin market to reap the benefits of capital rotation.
Pseudonymous trader Hsaka tells his 526,500 followers on the social media platform X that altcoins are now in a position to accelerate.
According to the crypto analyst, altcoins will be the recipients of the gains made by traders who longed Bitcoin (BTC) from around $50,000 to above $70,000.
“Chapter II playing out quite similarly to Chapter I. Corn [BTC] accelerates first, manlets stay close, others fall behind.
Corn stalls, manlets accelerate, others stay close.
Manlets stall (briefly), others accelerate.
The circle of life.”
Hsaka may be using the term “manlets” to refer to altcoins belonging to the Solana (SOL) ecosystem. Solana-based coins such as the decentralized exchange aggregator Jupiter (JUP) and the decentralized oracle network Pyth Network (PYTH) have been rallying as of late with SOL itself up by as much as 43% last week.
Following the recent rally of Solana and SOL-based tokens, Hsaka thinks that capital will move to other altcoins. One coin on his mind is the SOL-rival Avalanche (AVAX).
“>Most sophisticated market participants observed this soylana pump from the sidelines.
>Desperately feel the urge to ape something to make up for it.
>Certain token has always served well as the default trade for this.”
At time of writing, AVAX is trading for $52.65.
As for Bitcoin, Hsaka says he’s looking for BTC to find stability above $60,000.
At time of writing, BTC is worth $65,194.
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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.
Featured Image: Shutterstock/pancha.me/Sensvector
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