A top crypto analyst and trader is naming Solana (SOL), Chainlink (LINK) and three other altcoins as the digital assets to watch this month.
In a new video, pseudonymous trader Altcoin Sherpa says that he expects one more leg down for smart contract platform Solana to around $65 before it can ignite a relief rally to his target at $140.
“I would just like to see this area [$60-$70] get tapped several times and then form some sort of bottom and then probably come up, hit this high volume node again around $140 and then probably come back down.”
Another coin on the trader’s list is decentralized oracle network Chainlink, which he says looks bullish as it trades close to a key support area.
“You can probably just look to buy any dip for LINK. I think that it’s possible that we might see [a] return back lower as well down to $15 or so, somewhat like a double bottom in the lower timeframe charts. To me, this looks pretty strong given it’s at range lows, given its high sell volume, given that we’re seeing dips getting bought pretty quickly.”
Next up is blockchain-based game Axie Infinity (AXS). Altcoin Sherpa predicts a strong rally for Axie Infinity as the coin continues to respect support at $45.
“You can still hit like a 2x or something like that from $45 to $90 or some of these levels up [above $110]. It’s certainly possible that this comes.”
While Altcoin Sherpa is currently bullish on AXS, he does not expect the coin to print a new all-time high anytime soon.
The crypto analyst is also keeping an eye on Kyber Network Crystal (KNC), an Ethereum-based token used to pay fees on the Kyber Network. According to Altcoin Sherpa, KNC looks very strong right even amid the general bearish trend across the crypto markets.
“I would just consider buying any dip personally. Looking for resistance levels, I would look for around $2.40 or so.”
The last coin on the analyst’s radar is Near (NEAR), a developer-focused blockchain designed for scalability and stability. Altcoin Sherpa predicts one more move down for NEAR before rallying to his target at $14.
“It’s possible that we see maybe one last potential shakeout to $8 or so, and I do have bid there. But overall, this coin has held up pretty strong, and to me, this coin looks a little bit better than many other coins right now.”
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