A widely followed crypto strategist is outlining what’s in store for Ethereum rivals Solana (SOL) and Avalanche (AVAX) as well as one under-the-radar altcoin.
Pseudonymous analyst Altcoin Sherpa tells his 178,300 Twitter followers that smart contract platform Solana could be carving a local bottom after losing 90% of its value from the all-time high.
“SOL: -90% from the peak. This isn’t a bad area to start accumulating for longer terms if you are looking for an alternative layer-1. I think it’s one of the best choices given its non-Ethereum Virtual Machine, to be honest.
Low timeframe, it looks decent to be honest. $45 could come in the mid-term if BTC plays nice.”
At time of writing, Solana is changing hands for $38.26, up over 13% in the last 24 hours.
Next up is fellow smart contract platform Avalanche, which Altcoin Sherpa predicts is poised for a relief rally with targets at $22 and $28.
“AVAX: It’s not a bad idea to want to accumulate and my $12 target never hit. I think a bearish retest is probably coming, not the macro bottom quite yet in my opinion.”
At time of writing, AVAX is trading at $17.96, up nearly 8% in the past day.
The last coin on the trader’s radar is the utility token of the Ethereum-based NFT marketplace LooksRare (LOOKS). According to Altcoin Sherpa, LOOKS is short-term bullish after taking out its immediate resistance at $0.30.
“LOOKS: Lol…nice break. This is one to consider longing on a dip. Still highly bearish market structure but this is showing a lot of strength.”
LOOKS is currently valued at $0.42, up over 21% in the past day.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
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 loses 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.
Featured Image: Shutterstock/Agung Afriady/Sol Invictus