A widely followed trader and analyst says that blue skies are ahead for a large-cap altcoin even amid a marketwide correction.
The trader pseudonymously known as Altcoin Sherpa tells his 217,300 followers on the social media platform X that the native token of layer-1 blockchain Toncoin (TON) is in a strong uptrend after hitting an all-time high (ATH) of $8.25 on June 14th.
“This still looks incredibly strong…
TON: still one of the strongest charts in crypto.”
Next up, the analyst warns that Solana (SOL) may be on the verge of a collapse against Ethereum (SOL/ETH).
“SOL: although I still think Solana is a great retail chain, the current celeb meta is not healthy at all in my opinion. I think that this chart looks pretty scary and that ETH still probably will continue to outperform for this next stretch.”
SOL/ETH is trading for 0.0409 ETH ($142) at time of writing, down more than 4.6% in the last 24 hours. Looking at his chart, the trader suggests SOL/ETH could decline to 0.039 ETH ($135).
Next up, the analyst says that the graphics processing unit (GPU) rendering blockchain Render (RNDR) could retest the Fibonacci retracement level at $6.03.
“RNDR: good project but I wouldn’t start scaling in until $7ish or lower. Could be a good buying area there.”
RNDR is trading for $7.94 at time of writing, down more than 4% in the last 24 hours.
Lastly, the analyst predicts that Ethereum will print new ATHs.
“ETH to ATH is still inevitable. I don’t know when or how it gets there but this supply zone is going to break eventually. Still seems like a guarantee and a fairly safe trade you can take (as long as you can eat the short-term drawdown).”
Ethereum is trading for $3,479 at time of writing, up slightly in the last 24 hours. ETH reached an ATH of about $4,900 in November 2021.
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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 losses 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.
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