Ethereum Competitor Set to Decline Soon, Crypto Trader Updates Bitcoin and FET Forecast
A prominent crypto analyst has suggested that a competitor of Ethereum (ETH) might experience a decline in the coming weeks. Altcoin Sherpa, a pseudonymous crypto trader with a substantial following on the social media platform X, has indicated to his audience that Solana (SOL) could potentially see a drop of around 14% from its current valuation. According to the analyst, accumulating Solana in the range of $125-$150 could be a favorable strategy, emphasizing the coin’s potential as a strong player in the retail sector during this market cycle. Despite a robust response on August 6th, Altcoin Sherpa anticipates another opportunity to purchase Solana at $125 or even lower in the near future.
An analysis chart shared by the expert illustrates that Solana has revisited the $125 level multiple times over several months, indicating its significance as a key support level. At present, Solana is trading at $145, reflecting a decrease of over 1% in the last 24 hours.
Looking ahead, the analyst has also provided insights on Bitcoin (BTC), suggesting that the cryptocurrency may retest the $40,000 range before experiencing a significant upsurge. The expert envisions a scenario where Bitcoin establishes a bottom, potentially around the $40,000 mark, leading to a period of consolidation with intermittent price fluctuations and increased market volatility. The prediction extends to late Q4, anticipating a notable price surge for Bitcoin during that period.
Additionally, the analyst has raised concerns about Fetch.ai (FET), an altcoin focused on artificial intelligence (AI), highlighting a bearish price pattern characterized by lower highs and lower lows on the daily chart. The expert advises caution regarding altcoins displaying similar market structures, suggesting that short-term trades may be more suitable than long-term investments at the moment. FET is currently priced at $0.81, depicting a decline of more than 6% in the past 24 hours.
It is essential to note that the opinions expressed by Altcoin Sherpa serve as valuable insights for crypto investors navigating the dynamic digital asset market. The expert’s analysis sheds light on potential price movements and trends within the cryptocurrency landscape, offering guidance for individuals seeking to make informed investment decisions in this volatile market environment.
