A closely followed crypto strategist is predicting one Ethereum (ETH) competitor could go on a massive rally following a market correction.
Pseudonymous analyst Altcoin Sherpa tells his 215,600 followers on the social media platform X that Solana (SOL) may retest $120 before a parabolic rally to more than $500 later this year.
“SOL: as long as the alt market continues to bleed, $120 might be the next area of interest. That said, I still strongly feel SOL is going to $500+ this year. Dollar-cost average and just be patient.”
Solana is trading for $125 at time of writing, down nearly 7% in the last 24 hours.
Next up, the trader says the smart contract platform Avalanche (AVAX) could rally after holding $31.18 as support.
“AVAX: haven’t checked this chart in a while, I sold all my AVAX at $40ish on the first run up. Expecting this to just do ok this cycle. There are better narratives and ‘better tech.’ One thing that this has though is more supply on the market and less sell pressure, something to consider.”
Avalanche is trading for $32.49 at time of writing, down 5.7% in the last 24 hours.
Lastly, the trader warns that Bitcoin (BTC) could dip into the low $50,000 range if it fails to hold a key support range in the low $60,000s.
“BTC: this area is still support until shown otherwise. While I admit it’s scary and this looks like a weakening area (more time it’s tested the weaker it gets) this is still an area to bid. Break below and we see the low, mid $50,000s in my opinion.”
Bitcoin is trading for $60,253 at time of writing, down 4.6% in the last 24 hours.
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The post Trader Predicts Massive Rallies for Solana This Year, Updates Outlook on One More Ethereum Rival appeared first on The Daily Hodl.