A popular crypto analyst is turning bullish on one peer-to-peer storage altcoin project that is backed by billionaires.
The pseudonymous trader known as Altcoin Sherpa tells his 207,700 followers on the social media platform X that decentralized storage network Filecoin (FIL) could increase more than 125% from its current value within months.
“FIL: This doubles in the next few months in my opinion.”
Looking at the trader’s chart, he suggests that Filecoin could flip the 50% level in a trading range into support and rally to $16.20.
The billionaire Winklevoss twins first invested in Filecoin in 2017 through their venture capital company. They went on to co-found the crypto exchange platform Gemini.
Filecoin is trading for $7.19 at time of writing, down nearly 5% in the last 24 hours.
Next up, the trader says that Ethereum (ETH) competitor Solana (SOL) may retest the $100 level.
“SOL: buying around $100 seems right; this is still a pretty choppy chart. I think that just buying and holding is going to be the best strategy for most people overall.”
Solana is trading for $104 at time of writing, down more than 3.5% in the last 24 hours.
Lastly, the trader says that decentralized payments platform Coti (COTI) could rally to $0.13 after a retest of the $0.09 area.
“COTI: another one of the old coins that I recently decided to buy. It had some extremely strong moves the last few weeks. I believe we’ll see some stalling at some of these wicks from before (not sure which), but still believe that we’re going to break past these areas in the mid-term. Would view the $.09 area as an interest entry area.”
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