Crypto Analyst Says DeFi Altcoin Gearing Up for Liftoff, Updates Outlook on Solana and Dogecoin

An expert in cryptocurrency predictions, who accurately forecasted the Bitcoin (BTC) correction earlier this year, is now pointing towards a decentralized finance (DeFi) altcoin that is primed for a breakout.

Rekt Capital, a pseudonymous analyst, shared with his 508,200 followers on X that Pendle (PENDLE), the native asset of the yield tokenization protocol, is showing signs of entering a new upward trend.

The analyst presented a chart indicating that PENDLE has successfully retested the neckline of an inverse head and shoulders pattern on the weekly chart, signaling a potential upward movement for the altcoin.

“Technically, PENDLE has closed above the $4.48 (blue) level on a weekly basis.

Two weeks ago, PENDLE broke through the blue resistance level.

Last week, PENDLE tested it as support successfully.

This week, PENDLE needs to maintain this level for a potential breakout.”

An inverse head and shoulders pattern is a bullish reversal pattern indicating increasing demand for an asset as investors enter without waiting for prices to drop.

Currently, PENDLE is trading at $5.04, showing a 9% increase in the last day.

Rekt also sees potential in Solana, a layer-1 protocol, noting that SOL is likely to continue its upward trajectory after confirming two resistance levels as support.

“SOL has closed the week on a bullish note.

Why? Because SOL closed above the blue diagonal trendline and red box, which were key resistance levels…

The post-breakout retest seems successful.”