A popular crypto trader and analyst thinks one Ethereum (ETH) rival is gearing up for a strong finish in 2024.
The pseudonymous analyst known as Altcoin Sherpa tells his 217,900 followers on the social media platform X that Solana (SOL) has a healthy market structure and predicts a breakout for the top-10 altcoin before the year’s end.
“SOL looks more like the green box versus the red box to me. The reason is mostly due to:
- Previous price action (run from $20-$200 was way different in 2021 versus 2024).
- More defense of key levels this time around i.e. $130.
- Overall Bitcoin (BTC) market is obviously in a much healthier place.
So yeah, I still view SOL to be mostly healthy here. While something like $100 could still come on a flush, I still predict price mostly chopping between $120-$170 for a while and then a strong run-up in Q4. In other words, I don’t think it’s ‘over.'”
Solana is trading for $136 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst says that the native asset of the modular blockchain network Celestia (TIA) could retest a Fibonacci retracement level at $5.80, a decline of more than 9% from the current value.
“TIA: would love to fill in the green box, staying patient for now.”
TIA is trading for $6.38 at time of writing, down nearly 7% in the last 24 hours.
Lastly, the analyst says that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, could be forming a market bottom and could start consolidating in a range between $6.10 and $7.50.
“RNDR is still below the 200-day exponential moving average (EMA) but at a key Fibonacci region at the .618. More chop between here and $7.50 seems reasonable to form a longer-term bottom.”
Render is trading for $6.03 at time of writing, down 6.7% in the last 24 hours.
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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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