A closely followed crypto analyst says that one Ethereum (ETH) competitor may retest lower levels within weeks.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,200 followers on the social media platform X that Solana (SOL) could decline at least 14% from its current value.
“SOL: $125-$150 remains a good place to accumulate SOL. I still believe this will be one of the best retail chains this cycle and much of the memecoin action is still there. Strong reaction [August 6th] but I still think you get another shot at $125 or lower in a few weeks personally.”
The chart shared by the analyst shows Solana has over the course of several months retested the $125 level as a range bottom.
Solana is trading for $145 at time of writing, down more than 1% in the last 24 hours.
Next up, the analyst suggests that Bitcoin (BTC) may revisit the $40,000 range before soaring.
“How I think the next few months will play out: BTC finds a bottom, either here (unlikely) or the $40,000s (more likely). This would mean a few more nasty wicks, a few more liquidations and a bit more pain. Price ranges for one to four months…Late Q4 rolls around and BTC has a god candle.”
Lastly, the analyst warns that the artificial intelligence (AI)-focused altcoin Fetch.ai (FET) is printing a bearish price pattern by setting lower highs and lower lows on the daily chart.
“Many altcoins still look like this; market structure looks the same. No sense in buying any of these right now other than for short term trades; I don’t like holding anything yet. FET trend is bearish.”
FET is trading for $0.81 at time of writing, down more than 6% in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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.
Generated Image: Midjourney
