A popular cryptocurrency analyst is expressing a bullish outlook toward two of Ethereum’s (ETH) biggest competitors.
Pseudonymous crypto trader Altcoin Sherpa tells his 197,500 followers on the social media platform X that Solana (SOL) and Avalanche (AVAX) are both setting the stage for another leg up.
[adinserter block="1"]According to the trader, Solana could increase more than 25% from its current value.
“SOL: I still think that lower levels are going to come when the overall Solana supply comes on the market from FTX, but until then, it looks really strong. It might keep running to $50ish.”
Looking at his chart, the trader suggests SOL could dip down to the range low of $26.79 after retesting the level around $50.
Solana is trading for $39.95 at time of writing.
Next up, the trader says that AVAX could shoot up another 5% from its current value before a retracement.
“AVAX: Strong up until the 200-day EMA (exponential moving average) or $12.40 area. Going to be bullish until that time, where I expect a pullback.”
Looking at his chart, the trader suggests that key levels to watch AVAX retest on a dip include $10.81, $9.79 and $8.81.
AVAX is trading for $11.83 at time of writing.
The trader also weighs in on Ethereum against Bitcoin (ETH/BTC), and he predicts a correction will continue until a key level is hit.
“ETH/BTC tanking. I think that altcoin buying opportunity is getting better each day. It’s looking more and more like the .048 BTC area is going to get tagged. Expecting November to be a good buying period and then alts do really well in December/January.”
ETH/BTC is trading for 0.0515 BTC ($1,798) at time of writing.
Lastly, the trader notices that SUSHI, the native token of multi-chain decentralized exchange (DEX) SushiSwap is rallying. He expects a retracement after a key level is hit.
“SUSHI: why is this one pumping? Bizarre. Wouldn’t buy here, but keeping an eye out. $0.92-$1 should be a pullback area.”
SUSHI is trading for $1.04 at time of writing, up more than 23% in the past 24 hours.
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