Famous cryptocurrency trader Eugene Ng Ah Sio expressed his optimism in the market views he shared on social media that the market will continue to rise after the upcoming elections.
His analysis focused on the impact of recent market events, investor positioning, and the strength of Solana (SOL).
- Liquidation of Speculative Longs in October: Ng Ah Sio noted that most of the speculative long positions created in October have been wiped out. This reset in market positioning is seen as a positive sign for the future trend.
- Election-Related Risk Aversion: He noted that many investors were aiming to reduce risk about a week after the Nov. 5 election. However, a significant catalyst shifted this defensive strategy forward a few days. “That’s why I took a cautious stance a few days ago,” Ng Ah Sio explained.
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- Solana’s Strong Fundamentals and the AI Memecoin Craze: According to Ng Ah Sio, Solana stands out as a clear asset choice amid the ongoing developments in the blockchain space. He said that the ecosystem’s involvement in the AI memecoin trend further solidifies its position as a leading asset.
- Technical Analysis Points to an Uptrend for SOL: From a technical perspective, Ng Ah Sio explained that Solana successfully retested the 6-month resistance level and turned it into support. Coupled with the “extreme relative strength” indicator, he described this as a clear bullish buy.
Eugene concluded his analysis by stating that he expects the market to follow an upward trend after the election, as the market position becomes clearer and prices rise significantly.
*This is not investment advice.
