A widely followed crypto trader believes that one Avalanche (AVAX)-based altcoin is gearing up for a massive breakout.

Pseudonymous analyst Kaleo tells his 620,300 followers on the social media platform X that the native governance token of TraderJoe (JOE), an automated market maker (AMM) decentralized exchange (DEX), could soar more than 28% from its current value.

The trader’s chart suggests JOE’s uptrend could continue after breaking through a bullish trendline. He also believes the token’s growth could increase due to a recent announcement by the Avalanche Foundation to actively support memecoin projects in its ecosystem.

“This is the JOE chart. It’s primed for a massive move. Just needs a little spark to send it above the resistance in this lower range that it’s currently sitting at. Increased swap volume from the attention that the above [memecoin support] announcement will lead to should be that spark.”

The trader predicts that JOE will eventually trade for more than $1.

“Alright bros, final warning before takeoff. JOE is about to send to $1.00-plus on the next leg up.”

Looking at the trader’s chart, he seems to suggest that JOE is holding the key level around $0.77 as support and will bounce higher.

JOE is trading for $0.77 at time of writing, up slightly in the last 24 hours.

The trader is also predicting that Ethereum (ETH) competitor Solana (SOL) will soar to $200 after breaking out of a bullish trendline in the $150 range.

“SOL with the breakout. Send it to $200 with haste.”

Solana is trading for $165.73 at time of writing, up more than 4.5% in the last 24 hours. 

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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/Natalia Siiatovskaia/NextMarsMedia