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Home»ALTCOIN NEWS»The trader predicts a correction for Solana and one DeFi altcoin, saying one large cryptocurrency appears to be much stronger than the others.
ALTCOIN NEWS

The trader predicts a correction for Solana and one DeFi altcoin, saying one large cryptocurrency appears to be much stronger than the others.

By Crypto FlexsJanuary 23, 20243 Mins Read
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The trader predicts a correction for Solana and one DeFi altcoin, saying one large cryptocurrency appears to be much stronger than the others.
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A widely respected cryptocurrency analyst has predicted a correction in smart contract platform Solana (SOL) and decentralized finance (DeFi) tokens, saying one of the top 10 altcoins looks stronger than its rivals.

Pseudonym: Cryptocurrency Strategist Altcoin Sherpa says Social media platform X’s 205,800 followers believe that BNB, the native asset of DeFi protocol Binance Smart Chain, will witness higher prices this year.

The cryptocurrency strategist is bullish on BNB for the long term, but with the price level being in the 0.50 Fibonacci retracement zone, he believes there will be an opportunity for traders to accumulate around $270.

“BNB overall has been much stronger than other altcoins. I think you still have to be patient, but maybe this one will stay higher than the others in this mini-alt downtrend. Still, I think BNB will be strong in 2024.”

Source: Altcoin Sherpa/X

BNB is trading at $316 at the time of this writing.

Go to Ethereum (ETH) rival trader Solana Called He ultimately expects the price to trade near $70.

“Around $72 is probably an area to consider, but I expect a bounce before then. Probably around $85 to begin with.”

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Source: Altcoin Sherpa/X

Solana is trading at $89.77 at the time of this writing.

We conclude our analysis with Altcoin Sherpa, the native asset of decentralized exchange INJ (Injective). Called He expects the INJ token to fall below $30 after repeatedly finding support at $34.

“There is a real risk of getting lost in this area ($34). Right here is the 200 EMA (Exponential Moving Average) for 4 hours and we will be looking at the $28 area as the next demand zone. “The market is kind of hemorrhaging right now.”

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Source: Altcoin Sherpa/X

INJ is trading at $34.73 at the time of this writing.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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