A widely followed crypto analyst says one top-10 altcoin appears stronger than the competition, while predicting corrections for smart contract platform Solana (SOL) and one decentralized finance token (DeFi).
Pseudonymous crypto strategist Altcoin Sherpa tells his 205,800 followers on the social media platform
Although the crypto strategist is bullish on BNB in the long term, he thinks traders will have a chance to accumulate the value around $270 as its price level is the Fibonacci retracement area of 0.50.
“BNB has generally been much stronger than other altcoins. I think you’re still staying patient, but maybe this will stay higher than others in this mini alt-down trend. Still think BNB will be strong in 2024.”
BNB is trading at $316 at the time of writing.
We move on to Ethereum (ETH) rival Solana, the trader say that he ultimately expects it to trade near the $70 price tag.
“$72ish is probably the range to expect, but I expect an increase before then, probably around $85 first.”
Solana is trading at $89.77 at the time of writing.
He concludes his analysis with the native asset of the decentralized exchange Injective (INJ), Altcoin Sherpa say he expects the INJ token to fall below $30 after repeatedly tapping $34 support.
“This area ($34) is really at risk of being lost, a four-hour 200 EMA (exponential moving average) here and would consider the $28 area as the next demand zone. The market is just bleeding for the time being.”
INJ is trading at $34.73 at the time of writing.
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Generated image: Midjourney
