A prominent cryptocurrency analyst suggests that a competitor to Ethereum (ETH) has entered an upward trajectory after revisiting the $120 mark last week.
Altcoin Sherpa, an anonymous market observer followed by 217,700 users on the social media platform X, indicates that Solana (SOL) appears poised for further gains after maintaining the 200-day exponential moving average (EMA) as a crucial support level.
“SOL: I refrained from trading this… but SOL seems promising for higher movements.”
Solana is currently priced at $140, marking an 8.5% decline over the past 24 hours.
Moving forward, the analyst notes that Bitcoin (BTC) has yet to confirm a clear trend direction, persisting in sideways trading around $60,000. The range spans from $56,544 to $73,794.
“BTC: The market continues to exhibit choppy price action, lacking a definitive trend in my view. The 200-day EMA remains close to the lower end of the range, and there are no indications on shorter timeframes suggesting a reversal yet. It’s advisable to remain neutral for now.”
Bitcoin is presently trading at $60,157, showing a nearly 3% decrease in the last 24 hours.
Shifting focus, the analyst adopts a pessimistic outlook on Polkadot (DOT), a layer-2 scaling solution.
“The chart itself still appears … unfavorable, in my assessment.”
Reviewing the chart, the analyst suggests that DOT could rebound above $7 before potentially dropping to the $6.40 mark on the daily chart.
DOT is currently trading at $6.04, reflecting an almost 8% decline in the last 24 hours.
Stay updated –
Subscribe
to receive email notifications directly in your inbox
Check out
Price Action
Follow us on
X
,
Facebook
, and
Telegram
Explore
The Daily Hodl Mix
Disclaimer: The opinions expressed on The Daily Hodl are not intended as financial advice. Investors are urged to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Please be aware that any transfers and trades are undertaken at your own risk, and any resulting losses are solely your responsibility. The Daily Hodl does not advocate the purchase or sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Kindly note that The Daily Hodl engages in affiliate marketing.
Generated Image: Midjourney
