A prominent cryptocurrency analyst says one competitor to Ethereum (ETH) could retest lower prices in the coming weeks.
In a new strategy session, anonymous cryptocurrency trader Altcoin Sherpa told his 219,200 followers on social media platform X that Solana (SOL) could drop by at least 14% from its current value.
“SOL: $125-$150 is still a good place to accumulate SOL. I still believe it will be one of the best retail chains this cycle, and there is still a lot of memecoin activity going on. There was a strong reaction (August 6th), but I personally think it could go back up to $125 or below in a few weeks.”
According to charts shared by the analyst, Solana has been retesting the $125 level as a range bottom for several months.
As of this writing, Solana is priced at $145, down more than 1% in the last 24 hours.
The analyst then said that Bitcoin (BTC) could potentially fall back to the $40,000 range before a sharp rally.
“I think the next few months are going to play out. BTC is looking for a bottom. Here (unlikely) or $40,000 (more likely). That means a few more nasty wicks, a few more liquidations, and a bit more pain. 1-4 month price range… late Q4 comes around and BTC has a god candle.”
Lastly, the analyst warned that Fetch.ai (FET), an artificial intelligence (AI)-focused altcoin, is showing a bearish price pattern, posting lower highs and lows on the daily chart.
“A lot of altcoins still look like this. The market structure looks the same. It doesn’t make sense to buy any of this right now except for short term trading. I don’t want to own anything yet. The FET trend is bearish.”
At the time of writing, FET is trading at $0.81, down more than 6% over the last 24 hours.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: Midjourney