A closely followed crypto analyst says Solana (SOL) will have better returns than most crypto assets in the current cycle.
Pseudonymous analyst Altcoin Sherpa tells his 178,800 Twitter followers that the popular smart contract platform could outperform other altcoins depending on the price movement of Bitcoin (BTC).
Altcoin Sherpa says he does not know how high Solana can go but expects the crypto asset to see resistance at around $40. He says SOL will likely tumble if it hits $50. At time of writing, the smart contract platform is trading for $38.31.
Another crypto asset that Altcoin Sherpa is bullish on is Decentraland (MANA). The analyst says the virtual reality platform is set to rebound after hitting the bottom. MANA is now trading for $0.90 from a low of $0.74 in June.
He then shares his forecast for another metaverse token, ApeCoin (APE). He says the altcoin created for the Bored Ape Yacht Club non-fungible token (NFT) community may reverse to the downside at $6. APE is currently worth $4.40.
As for Bitcoin, the analyst says the outlook is “still high time frame bearish market structure.” At time of writing, BTC is changing hands at $20.894.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/Abscent Vector