A widely followed crypto analyst says that one non-fungible token (NFT)-related altcoin is set to revisit its previous all-time highs while updating his outlook on Ethereum (ETH) and Solana (SOL).
In a new thread, pseudonymous crypto trader Altcoin Sherpa tells his 245,200 followers on X that based on technical indicators, Pudgy Penguins (PENGU) – an altcoin that’s seen 800%+ gains in five months – appears ready to revisit its all-time high after a period of stagnation.
“PENGU downtrended for 1.5 months, chopped at the 0.50 [Fibonacci level], and is now moving. I’ve finally got a position when it flipped the .382 [Fibonacci level] and I took a tiny bit of profit. Going to keep maintaining this position though and will look to add on any dips. I think it eventually goes back to the highs again.”
PENGU is trading for $0.0358 at time of writing, a 5.9% increase on the day. Five months ago, the altcoin is valued at just $0.00372.
Next up, Sherpa says that investors should be thinking about going long on the smart contract platform Solana while purchasing more of it during dips.
“SOL they are telling you that they are buying billions of dollars and you are fading? You can long this with infinite size and buy any dip on it. Just don’t get too overlevered and go nuts. $250 or much higher in my opinion.”
Concluding his analysis with the top altcoin Ethereum, Sherpa says that while he believes it will slowly climb and perform well, it will not do as good as Solana.
“ETH has been chopping the last 2 weeks and still looks ok to me. While I don’t think it performs as well as SOL and I think this probably continues to minimally grind up given the explosive move from earlier, I still think that it’s ok.”
SOL is valued at $239 at time of writing.
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