A widely followed trader and analyst says blue skies lie ahead for a large-cap altcoin, even during a market-wide correction.
The trader pseudonym known as Altcoin Sherpa tells are 217,300 followers on the social media platform upward trend after reaching an all-time high (ATH) of $8.25 on June 14.
“This still looks incredibly strong…
TON: Still one of the strongest charts in crypto.”
Toncoin is trading at $8.10 at the time of writing, up more than 3% in the last 24 hours.
Then the analyst warns that Solana (SOL) may be about to collapse against Ethereum (SOL/ETH).
“SOL: While I still think Solana is a great retailer, the current celeb meta is not healthy at all in my opinion. I think this chart looks quite scary and ETH will likely continue to outperform in the period ahead.”
SOL/ETH is trading at 0.0409 ETH ($142) at the time of writing, down over 4.6% in the last 24 hours. Looking at his chart, the trader suggests that SOL/ETH could drop to 0.039 ETH ($135).
Then the analyst say that the graphics processing unit (GPU) that renders blockchain Render (RNDR) could retest the Fibonacci retracement level at $6.03.
“RNDR: Good project, but I wouldn’t start scaling until $7ish or lower. It could be a good buying area there.”
RNDR is trading at $7.94 at the time of writing, down more than 4% in the last 24 hours.
Finally, the analyst predicts that Ethereum will print new ATHs.
“ETH to ATH is still inevitable. I don’t know when or how it will get there, but this supply zone will eventually break. It still seems like a guarantee and a fairly safe trade you can make (as long as you can eat the short-term downside).
Ethereum is trading at $3,479 at the time of writing, up slightly in the past 24 hours. ETH reached an ATH of approximately $4,900 in November 2021.
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Generated image: DALLE3