Analyst Says One Altcoin Project Will Explode This Year, Mirror Rise of Ethereum Competitors Solana (SOL) and Avalanche (AVAX)
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A closely followed crypto trader is eyeing an interoperability ecosystem to potentially have a breakout year.
In a tweet laying out his general 2022 predictions, the pseudonymous analyst known as Altcoin Psycho highlights Cosmos (ATOM) as his pick to soar like layer-1 smart contract platforms Avalanche (AVAX) and Solana (SOL) did last year.
The analyst next discusses Osmosis (OSMO), the decentralized exchange (DEX) that was built for Cosmos. He follows up on a June 2021 tweet where he referred to Osmosis as a “catalyst for Cosmos ecosystem” to tell his 390,500 followers,
“Osmosis new [all-time high] today, and now #76-highest market cap.
Wonder what happens next.”
OSMO hit a new high today of $8.60. The altcoin launched last summer above $4.50, experienced a selloff to as low as $1.24 in July before working to a September high of $7.38. Osmosis has since experienced choppy price action before breaking out from the $4 level starting in mid-December.
Altcoin Psycho concludes his discussion with a word of advice to both skeptics and supporters of Cosmos, citing the access to airdrops that token holders will have.
“Regardless of your thoughts on ATOM, the exposure you’ll have to airdrops by holding it this year is pretty wild.”
Cosmos just hit a total value locked (TVL) milestone, ranking second behind Osmosis with over $277 million in liquidity.
At time of writing, ATOM is down 5.72% on the day to $40.01. The 20th-ranked crypto asset began its own rally in mid-December, climbing from the $20 range to over $42 to start the new year. The altcoin reached an ATH of $44.42 back in September.
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Featured Image: Shutterstock/Floral Resources/karnoff/Tun_Thanakorn/Nikelser Kate
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