A popular analyst thinks that one red-hot altcoin has a lot more upside potential after putting up huge gains within weeks.
The pseudonymous analyst known as Altcoin Sherpa tells his 242,900 followers on the social media platform X that layer-1 blockchain Sonic (S) may soon hit $1.
“S is still one of the strongest mid-caps there is right now. People forget this coin went to almost $4 last cycle. [Sonic Founder Andre Cronje] bull posting a lot plus some interesting activity over there. Send it way higher.”
He also predicts that S may soon increase more than 16% of its current value to hit a psychological price level.
“S: insanely nice chart. $1 is destined in my opinion.”
Sonic soared from its $0.359 on February 3rd to $0.8615 at time of writing, a 140% gain.
Next up, the trader says that Bitcoin (BTC) is stuck trading within an enduring range but suggests it may soon break out.
“BTC: this price action will continue to give us loads of false hope and is the definition of chop. (Though, I do think the relative bottom is in for many coins.)”
Bitcoin is trading for $98,175 at time of writing, up 1.7% in the last 24 hours.
The trader also says he is long-term bullish on artificial intelligence (AI)-focused altcoin AI Rig Complex (ARC) and MANTRA DAO (OM), a decentralized finance (DeFi) platform.
“Active longs.
ARC: insane volatility on this one, has potential to go 20% up or down in a day, still long on this…
OM: this is slower trade that is probably going to take several days/weeks to play out and acts as a stablecoin until it goes up 30%. Much more of a safer play for me.”
ARC is trading for $0.24 at time of writing, up 30.1% at time of writing. Meanwhile, OM is trading for $8 at time of writing, up 5.2% on the day.
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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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