A prominent cryptocurrency analyst is predicting a market correction for Solana (SOL) and another one of Ethereum (ETH)’s biggest competitors.
Pseudonymous trader Altcoin Sherpa says X, a social media platform set up by Solana, has 201,800 followers and is set to fall below $50, more than 31% below its current value.
The trader says he expects a correction in Solana, but he thinks SOL will eventually recover and regain its bullish momentum.
“SOL: From a trader perspective, I think we will see prices below $50 for Solana in the medium term.
For investors, don’t worry, SOL will move to much higher levels in the coming months. I’m going to get SOL and calm down.”
Traders used the Fibonacci retracement level to suggest Solana could retest $48.71 before a bounce.
Solana is trading at $73.37 at the time of writing, up 2.6% in the last 24 hours.
Next is the merchant predict ETH’s rival, Avalanche (AVAX), is poised to correct after its recent massive rally and return to sub-$30 levels.
“AVAX: In the short term, the situation looks somewhat unstable. Longer term, I remain optimistic about 2024, but I wouldn’t be surprised if this cools down to below $30.”
Looking at the trader’s chart, he appears to be suggesting that AVAX will lose key support around the $39 level.
AVAX is trading at $39.88 at the time of writing, up 1.3% in the last 24 hours.
Finally, the merchant Believe We would like to inform you that Bonk (BONK), a rival of Dogecoin (DOGE), is entering the distribution phase. Alternatively, it is a period in which early investors take their time selling their holdings in order to sell their coins at relatively high prices.
“BONK: I haven’t summarized this yet, but I won’t discount that there’s some kind of morale pump about this. To be honest, you should probably consider paragraphing. But I think it’s in the deployment phase at the moment. I expect other memes like MYRO to die soon (for now).”
Bonk is trading at $0.00001918 at the time of writing, down 0.8% in the last 24 hours.
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