Trader Says One Large-Cap Crypto Looks Way Stronger Than Others, Predicts Correction for Solana and One DeFi Altcoin
A widely followed crypto analyst says that one top-10 altcoin looks stronger than the competition while predicting corrections for the smart contract platform Solana (SOL) and one decentralized finance (DeFi) token.
Pseudonymous crypto strategist Altcoin Sherpa tells his 205,800 followers on the social media platform X that he thinks BNB, the native asset of the DeFi protocol Binance Smart Chain, will witness higher prices this year.
Although the crypto strategist is long-term bullish on BNB, he thinks traders will have a chance to accumulate the asset around $270 as the price level is the 0.50 Fibonacci retracement area.
“BNB has been way stronger than other altcoins overall. I think you still stay patient but maybe this chops/stays higher than others in this mini alt downtrend. Still think BNB will be strong in 2024 though.”
BNB is trading for $316 at time of writing.
Moving on to Ethereum (ETH) rival Solana, the trader says that he ultimately expects to see it trade near the $70 price tag.
“$72ish is probably the area where you can consider but I expect a bounce before then, probably around $85 first.”
Solana is trading for $89.77 at time of writing.
Wrapping up his analysis with the native asset of decentralized exchange Injective (INJ), Altcoin Sherpa says he expects the INJ token to pull back below $30 after repeatedly tapping support at $34.
“This area ($34) is really at risk of getting lost, four-hour 200 EMA (exponential moving average) right here and would view the $28 area as the next demand zone. The market is just kind of bleeding for now.”
INJ is trading for $34.73 at time of writing.
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