A widely followed crypto analyst says one leading layer-1 altcoin project may not have another 2024-style bull run.
In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 248,700 followers on the social media platform X that Solana (SOL) may not put up the massive gains against Bitcoin (SOL/BTC) on the weekly chart like it did last year.
“Other than a few blips here and there, I don’t see SOL outperforming BTC on any longer timeframe chart from here on out. I’m not saying Solana is dead; it’s clearly not; just that I don’t see it having a run like it did in 2021/2024.”
SOL/BTC is trading for 0.0013768 BTC ($143) at time of writing, flat on the day.
Next up, the analyst says that Bitcoin’s market correction may have come to an end after dipping into the $103,000 range.
“Local bottom for BTC in my opinion.”
He also says Bitcoin is trading sideways in a range with an upper bound of $106,826 and a lower bound of $103,127, and may soon breakout.
“BTC pretty much three weeks within this same range with deviations on both ends (up and down). Price hasn’t done anything relatively speaking and your only job right now is to survive during this chop and not get destroyed. Best to probably not take any trades (I’ve taken a few today and lost pretty much all).”
Bitcoin is trading for $104,359 at time of writing, flat on the day.
Lastly, the analyst says Ethereum (ETH) may trade sideways for another three months, similar to a 2024 pattern.
“ETH we’re all waiting for this to outperform… going to have to wait even longer I guess. It chopped here for 90 days last year, maybe it’ll do the same.”
However, he predicts ETH will eventually have an explosive breakout as several Exponential Moving Averages (EMAs) converge, which in technical analysis may indicate a trend reversal is forming.
“ETH probably just sit here in spot and don’t do anything. This type of compression means ‘big move coming.'”
ETH is trading for $2,501 at time of writing.
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