Popular crypto analyst and trader Mikael Van de Poppe named the main competitors of the Ethereum blockchain and shared his vision of their future in 2022.
According to Van de Poppe, Ethereum rivals such as the Avalanche project and the Solana smart contract platform have skyrocketed in 2021. The analyst believes that now is the optimal entry point into AVAX, which fell more than 45% to $75 from its previous all-time high.
“So if AVAX is going all the way back towards $55 and the previous high, that is still a bullish outcome, and it’s not weird to expect a retrace taking place all the way to there [$55] before we’re going to have a reversal, as usually those levels are getting a test. So that is the entry point numero uno if you’re getting interested in AVAX.”
According to Van de Poppe, the deep retracement of the AVAX price puts Ethereum rival in a solid position to grow the next year.
“And definitely, the left side of this chart shows that after a big impulse wave, you will get a corrective period which we are currently also seeing before we are going to have a new impulse wave taking place in 2022.”
Based on the technical analysis, Van de Poppe predicts potential growth for AVAX to $230, and then $300-$370.
“We are looking at a potential target at $230. We’re looking at $300, and we’re looking at $370. So is AVAX going to run towards those numbers in the next impulse move? I would not be surprised to see a run of AVAX going toward $360... In this [case], we are going to have a new expansion looking for [a] new impulse wave, coming together with the actual growth of the ecosystem resulting in that move.”