Altcoin Sherpa, a well-known crypto strategist, is making a bold prediction about Solana (SOL), a competitor to Ethereum (ETH). According to the pseudonymous analyst, Solana could experience a massive rally later this year, potentially surging by 267% from its current value.
In a social media post, Altcoin Sherpa advised his 215,500 followers to consider averaging into SOL, stating that it is never a bad idea. He believes that SOL could reach over $500 in the coming months, although he doesn’t expect it to drop as low as $130-$110 just yet.
Analyzing the trader’s chart, he highlights two key Fibonacci levels, $138 and $116, which he is closely monitoring for a possible retest. At the time of writing, Solana is trading at $136, experiencing a 5.54% decrease in the last 24 hours.
Altcoin Sherpa also shares his predictions about two AI-related projects, Fetch.ai (FET) and Render (RNDR). He suggests that these projects may retrace to lower Fibonacci levels in the near term before embarking on significant rallies.
According to the trader, if Bitcoin (BTC) continues its current price action of bleeding and chopping, it could present good buying opportunities for AI coins like FET and RNDR. He advises investors to start averaging into these coins at the .50 Fibonacci level and go down to .618.
The trader’s chart indicates that FET may dip as low as $1.45, while RNDR could experience a dip around the 200-day exponential moving average (EMA) at approximately $6.
At the time of writing, FET is trading at $2.11, down more than 7% in the last 24 hours. Similarly, RNDR is trading at $7.95, also experiencing a more than 7% decrease.
To stay updated with the latest news and developments in the crypto space, readers can subscribe to The Daily Hodl’s email alerts.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.
