An influential crypto analyst is forecasting a significant breakout for a low-cap altcoin in the decentralized finance (DeFi) space.
The Crypto Dog, a well-known pseudonymous analyst, shared with his 810,200 followers on X that Synapse (SYN), a protocol designed to facilitate secure cross-chain communication, could potentially surge by over 75% from its current price.
“Believe it could reach $1… 10% retracement back to breakout level. Just purchased more SYN.”
Currently, Synapse is trading at $0.566, reflecting a 12.82% decline in the past 24 hours. Launched in August 2021, this cross-chain network project is compatible with various other layer-1s and layer-2s.
In addition, the analyst also expressed optimism about Fantom (FTM), an Ethereum (ETH) competitor, hinting at a potential breakout pattern on the hourly chart.
“An appealing breakout could be on the horizon for FTM… I’ve initiated a position in FTM.”
At the time of writing, Fantom is trading at $0.38, showing a slight increase in the last 24 hours.
Lastly, the analyst hinted at a potential rebound for the native token of Curve DAO (CRV), a decentralized exchange focused on stablecoins, after a pullback.
“Likely a buying opportunity for CRV at $0.318.”
CRV is currently priced at $0.30, down over 1% in the last 24 hours.
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Image Credit: Midjourney
