A popular crypto analyst is predicting that one Ethereum (ETH) competitor will soar to three figures in 2024.
Pseudonymous trader Altcoin Sherpa tells his 198,500 followers on the social media platform X that Solana (SOL) will likely increase by at least 72% from its current value next year.
“SOL: hoping for a bit lower to be honest. Sub $50 would be an excellent entry but this is going to go to three digits next year.”
Using Fibonacci retracement levels, the trader says Solana could dip to $48.79 or $42.80 before the massive surge.
Solana is trading for $57.47 at time of writing, up 6% in the last 24 hours.
Next, he says that decentralized oracle provider Chainlink (LINK) could dip down to Fibonacci levels of $11.15 or $12.
“LINK: I still want $11.15 and $12. Waiting patiently. Moves today are nice but not any sort of big MS (market structure) shift yet.”
Chainlink is trading for $14.29 at time of writing, up 1.3% in the last 24 hours.
Next up, the trader says the native asset of the non-fungible token (NFT) marketplace Blur (BLUR) could soon challenge higher resistance levels.
“BLUR: zoom out, I think $0.60 and $0.75 are possibilities on this current run. Incredible strength.”
BLUR is trading for $0.50 at time of writing, up 3.5% in the last 24 hours.
Lastly, the trader predicts a generally sideways trading environment for the broader crypto market, at least for the time being.
“BTC: nothing has changed. Nice moves today but don’t think that we’ve seen a big market structure shift yet.
Nice moves for some alts but still expecting a lot of chop for the majority.”
He also says that Bitcoin (BTC) will likely break out soon and outperform altcoins.
“BTC: price action pretty boring. I still don’t see this as a great trading environment for most. Expecting more chop followed by a decent-sized move. I still expect alts to underperform Bitcoin in this next stretch though.”
Bitcoin is trading for $37,109 at time of writing, up 1.8% in the past 24 hours.
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