A popular cryptocurrency expert believes that a competitor of Ethereum (ETH) is on an upward trend after revisiting the $120 range recently.
Altcoin Sherpa, a pseudonymous analyst, shared with his 217,700 followers on the social media platform X his observation that Solana (SOL) seems poised for further gains after maintaining the 200-day exponential moving average (EMA) as a supportive level.
“SOL: I haven’t traded this… but I believe SOL is showing promise for further growth.”
Solana is currently priced at $140, marking an 8.5% decrease in the past 24 hours.
Moving on, the analyst notes that Bitcoin (BTC) has yet to confirm a clear trend as it continues to move sideways around $60,000, with a range bound by an upper limit of $73,794 and a lower limit of $56,544.
“BTC: The price action remains choppy without a definitive trend as of now. The 200-day exponential moving average (EMA) sits near the lower end of the range, and there are no clear signals on shorter time frames indicating a reversal yet. It’s advisable to hold off for now, in my view.”
Bitcoin is trading at $60,157 currently, reflecting a nearly 3% decline in the last 24 hours.
Shifting focus, the analyst expresses a negative outlook on Polkadot (DOT), a layer-2 scaling solution.
“The chart for DOT still looks… quite grim, to say the least.”
Reviewing the chart, the trader predicts that DOT might see a bounce above $7 before dropping to around $6.40 on the daily chart.
DOT is presently priced at $6.04, experiencing an almost 8% decrease in the past 24 hours.
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[Generated Image: Midjourney]
