A widely known cryptocurrency analyst and trader said that altcoins in the Solana (SOL) ecosystem are at a critical time.
The analyst, who goes by the pseudonym Sherpa, tells his 234,700 followers on social media platform
According to Sherpa’s POPCAT chart, the Solana-based memecoin has formed a head-and-shoulders pattern on daily time frames and appears likely to crash if it fails to hold support levels. The head and shoulders pattern is generally considered a bearish pattern in technical analysis.
POPCAT is trading at $0.802 at the time of this writing, up 21,147% from its January 5 low of $0.00379.
Next is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets even after the recent correction that briefly saw them fall below $100,000.
“Bitcoin dominance is not yet broken.
Ethereum has not yet been fully transferred.
January is an incredibly optimistic time for cryptocurrencies.
(US President-elect) Trump supports cryptocurrencies, owns some, and has his own decentralized finance (DeFi) project.
… .and are you selling??”
At the time of this writing, Bitcoin is trading at $100,624. Bitcoin dominance, which is the ratio of Bitcoin market capitalization to the rest of the cryptocurrency market, currently stands at 54.7%, down a few percentage points from its 2024 high of 58.99% hit mid-last month.
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