A closely followed crypto analyst says that one Ethereum (ETH) competitor may retest lower levels within weeks.
In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,200 followers on the social media platform X that Solana (SOL) could decline at least 14% from its current value.
“SOL: $125-$150 remains a good place to accumulate SOL. I still believe this will be one of the best retail chains this cycle and much of the memecoin action is still there. Strong reaction [August 6th] but I still think you get another shot at $125 or lower in a few weeks personally.”
The chart shared by the analyst shows Solana has over the course of several months retested the $125 level as a range bottom.
Solana is trading for $145 at time of writing, down more than 1% in the last 24 hours.
Next up, the analyst suggests that Bitcoin (BTC) may revisit the $40,000 range before soaring.
“How I think the next few months will play out: BTC finds a bottom, either here (unlikely) or the $40,000s (more likely). This would mean a few more nasty wicks, a few more liquidations and a bit more pain. Price ranges for one to four months…Late Q4 rolls around and BTC has a god candle.”
Lastly, the analyst warns that the artificial intelligence (AI)-focused altcoin Fetch.ai (FET) is printing a bearish price pattern by setting lower highs and lower lows on the daily chart.
“Many altcoins still look like this; market structure looks the same. No sense in buying any of these right now other than for short term trades; I don’t like holding anything yet. FET trend is bearish.”
FET is trading for $0.81 at time of writing, down more than 6% in the last 24 hours.
Generated Image: Midjourney