A closely watched crypto analyst says an Ethereum (ETH) competitor could retest lower levels within weeks.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells According to its 219,200 followers on social media platform X, Solana (SOL) could fall at least 14% from its current value.
“SOL: $125-$150 remains a good place to accumulate SOL. I still believe this will be one of the best retail chains this cycle and a lot of the memecoin action is still there. Strong reaction [August 6th] but I still think you’ll personally get another shot at $125 or lower in a few weeks.
The chart shared by the analyst shows that Solana retested the $125 level as a range bottom over the course of several months.
Solana is trading at $145 at the time of writing, down more than 1% in the last 24 hours.
Then the analyst suggests that Bitcoin (BTC) could reach the $40,000 range again before rising.
“How I think the next few months will go: BTC finds a bottom, either here (unlikely) or in the $40,000s (more likely). This would mean a few more bad fuses, a few more liquidations and some more pain. Price ranges from one to four months… End of Q4 is coming and BTC has a god candle.
Finally, the analyst warns that the artificial intelligence (AI)-focused altcoin Fetch.ai (FET) is printing a bearish price pattern by setting lower highs and lower lows on the daily chart.
“Many altcoins still look like this; The market structure looks the same. There’s no point in buying these now except for short-term trades; I don’t like holding anything yet. The FET trend is bearish.”
FET is trading at $0.81 at the time of writing, down more than 6% in the last 24 hours.
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Generated image: Midjourney
