A popular crypto analyst predicts that a competitor of Ethereum may see a decline in the coming weeks.
According to the pseudonymous crypto trader Altcoin Sherpa, Solana (SOL) could drop by at least 14% from its current value. Altcoin Sherpa shared this insight with his followers on X, suggesting that SOL may retest the $125 level or even lower.
“SOL: $125-$150 is a good range to accumulate SOL. I still believe this will be a strong player in the retail market this cycle, and there is still significant activity in the memecoin space. Despite a strong reaction on August 6th, I anticipate another opportunity to buy at $125 or lower in the coming weeks.”
Analysis of Solana’s chart indicates that the cryptocurrency has revisited the $125 level multiple times as a support level over several months.
Currently, Solana is priced at $145, experiencing a slight decline of over 1% in the last 24 hours.
In addition, Altcoin Sherpa suggests that Bitcoin (BTC) might drop back to the $40,000 range before making significant gains.
“In the next few months, I expect BTC to establish a bottom, potentially around the $40,000 mark. This could involve some volatile price movements and further corrections before a potential rally in late Q4.”
Furthermore, Altcoin Sherpa warns that Fetch.ai (FET), an AI-focused altcoin, is displaying a bearish price pattern with lower highs and lower lows on the daily chart.
“Many altcoins are exhibiting similar bearish trends, indicating a cautious approach to investing. FET’s trend remains bearish for now.”
Currently, FET is trading at $0.81, showing a decline of more than 6% in the last 24 hours.
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