A popular crypto analyst predicts market corrections for Solana (SOL) and another of Ethereum’s biggest competitors (ETH).
Pseudonymous trader Altcoin Sherpa tells his 201,800 followers on the social media platform X that Solana is setting up will dip below $50, more than 31% of its current value.
“SOL: For traders, I think sub-$50 is coming for Solana in the medium term.
For investors, the SOL will go to much higher levels in the coming months, so probably don’t worry about that. I’m just going to hold my SOL and relax.
Using Fibonacci retracement levels, the trader suggests that Solana can retest $48.71 before a bounce occurs.
Solana is trading at $73.37 at the time of writing, up 2.6% in the last 24 hours.
Then the trader predicts that ETH rival Avalanche (AVAX) will correct and return to sub-$30 levels after its recent massive rally.
“AVAX: Things look quite chaotic in the short term. Still bullish on this longer term for 2024, but wouldn’t be surprised if this cools to sub-$30.”
Looking at the trader’s chart he seems to suggest that AVAX is about to lose key support around the $39 level.
AVAX is trading at $39.88 at the time of writing, up 1.3% in the last 24 hours.
Finally, the trader believes that Dogecoin (DOGE) rival Bonk (BONK) is entering a distribution phase.
“BONK: I won’t go into this completely yet, I can’t deny that there is some kind of scam going on at this point. Frankly, that will be whoever is considering short selling. However, I think this is in the distribution phase for now. I expect the other memes like MYRO will die soon (for a while).
Bonk is trading at $0.00001918 at the time of writing, down 0.8% in the last 24 hours.
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Featured image: Shutterstock/IgorZh/WhiteBarbie
