A popular crypto strategist says Bitcoin (BTC) and two Ethereum (ETH) rivals, Solana (SOL) and Fantom (FTM), have more room to run.
Pseudonymous analyst Altcoin Sherpa tells his 190,500 Twitter followers that Bitcoin is likely to surge at least 25% from its $24,007 value at time of writing.
“BTC: The longer that this hangs around this area, the more bullish I am. I think that it’s quite likely that we see a gap fill up to $30,000 eventually.”
Next, Sherpa says Solana appears headed to the $30 range.
“Solana has done well and it should go to the mid-$30s if BTC holds up. I’m not sure what the long-term future for this coin is, FTX/Alameda had a big bag of it iirc (if I recall correctly) and who knows how that’ll get liquidated. The culture of this chain is still good though.”
Solana is trading for $24.89 at time of writing.
Turning to Fantom, he sets a price target of more than $0.60. Fantom is worth $0.58 at time of writing.
“FTM: Looks extremely… strong, I like this one. It will eventually hit $0.60ish IMO [in my opinion].”
Sherpa also looks at four other altcoins.
He says Avalanche (AVAX) is likely going to retrace to $17, a more than 20% decline from its $21.48 value at time of writing.
“AVAX: Strong move but you probably still get some bids lower at like $17. High volume node around there and some S/R levels. Price currently pulling back due to S/R + 200-day EMA, which acts as resistance in these situations.”
Next, he says Cardano (ADA) is holding up against Bitcoin but he doesn’t expect a strong rally in price, especially when compared to the upside potential of other altcoins. Cardano is trading at $0.40 at time of writing.
“ADA: I don’t really see any reason to buy this coin. The ADA/BTC pair looks pretty good to be honest and at support but I don’t think this outperforms other altcoins relatively. Still, it has an insane community.”
He says Polkadot (DOT) is underperforming relative to other altcoins and does not see a strong case for the token to move to the upside.
“DOT: I don’t see any reason to buy this coin. It’s unpumped relative to the rest of the market but it has performed horribly overall. Not a fan of the chart.”
Lastly, he says STEPN (GMT) is likely forming a bottom and will rally to $0.79, a more than 38% increase from its $0.57 value at time of writing.
“GMT: Wouldn’t be surprised if this forms a low around here and continues higher to the $.79 area if BTC is stable. 200-d EMA acted as resistance but it’s still ok for now IMO. I still use this app every week and invested in this one.”
Original article: https://dailyhodl.com/2023/02/02/bitcoin-solana-and-additional-ethereum-rival-have-higher-to-go-says-top-crypto-analyst-
