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