A popular cryptocurrency trader and analyst believes that one of Ethereum’s (ETH) competitors is poised for a strong finish in 2024.
The pseudonymous analyst Altcoin Sherpa told his 217,900 followers on social media platform X that Solana (SOL) has a healthy market structure and is expected to see a breakout among the top 10 altcoins by the end of the year.
“SOL looks more like a green box to me than a red box. This is mainly because:
- Previous price fluctuations (ranging from $20 to $200) were significantly different in 2021 and 2024.
- This time around, defenses have been strengthened around the key price range of $130.
- Overall, the Bitcoin (BTC) market is certainly in much healthier shape.
So, I still see SOL as generally healthy. While $100 or so could still be flush, I still see prices plunging to $120-$170 for a while before rallying significantly in Q4. In other words, I don’t think it’s ‘over’.”
As of this writing, Solana’s price is $136, down about 3% over the last 24 hours.
The analyst then said that the underlying asset of modular blockchain network Celestia (TIA) could retest the Fibonacci correction level of $5.80, which would represent a decline of more than 9% from its current value.
“TIA: I would like to fill in the green box. Please be patient for now.”
At the time of writing, TIA is trading at $6.38, down about 7% over the last 24 hours.
Finally, the analyst said that Render (RNDR), a graphics processing unit (GPU) rendering blockchain, could form a market bottom and begin consolidating in the range of $6.10 to $7.50.
“RNDR is still below the 200-day EMA but is in the key Fibonacci zone at .618. A further pullback between here and $7.50 could form a long-term bottom.”
At the time of writing, Render is trading at $6.03, down 6.7% over the last 24 hours.
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