A widely followed crypto analyst is warning of a red-hot Solana-based (SOL) memecoin.
Pseudonymous crypto strategist Altcoin Sherpa tells his 200,800 followers on the social media platform
However, he warns traders believe that shorting the meme asset is akin to “stepping in front of a speeding train” and advise against using leverage to trade the token.
“BONK: This will continue to accelerate until there is some kind of eruption. I came in a few days ago and it continues to run; I took half off yesterday and will continue to take profits on this ride. Make no mistake, this ends up being much lower.”
Looking at his chart, the trader suggests that BONK could drop to previous support levels around $0.0000110 or $0.00000752.
BONK is trading at $0.00001232 at the time of writing, a gain of 980% since November 8.
The trader then updates his view on the smart contract platform Solana and predicts another lead for the Ethereum (ETH) competitor.
“SOL: breakout here, I like seeing it. $80 is next (should definitely come) and after that $116 is the next key level I’m looking at. Still one of the strongest coins out there.”
Solana is trading at $73.10 at the time of writing, up 11.6% in the last 24 hours.
Finally, the trader say that layer-1 blockchain Avalanche (AVAX) could soon rise more than 42% of its current value.
“AVAX: I think this current area is a somewhat interesting pullback, but ultimately I think we see higher levels in the medium term. Think of 40 euros or something like that. It is interesting to see that the strong 2021 chains such as SOL and AVAX are doing quite well, while the others died.”
Avalanche is trading at $28.05 at the time of writing, up 4.6% in the last 24 hours.
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Generated image: Midjourney
