Altcoin Sherpa, a well-known trader and analyst, is optimistic about the future of a large-cap altcoin despite a marketwide correction.
Altcoin Sherpa, who shares insights with over 217,300 followers on X, believes that Toncoin (TON), the native token of layer-1 blockchain, is currently in a strong uptrend. With Toncoin reaching an all-time high of $8.25 on June 14th, Altcoin Sherpa remains bullish, stating, “This still looks incredibly strong…TON: still one of the strongest charts in crypto.”
Toncoin is currently trading at $8.10, showing an increase of over 3% in the last 24 hours. However, Altcoin Sherpa is cautious about Solana (SOL), warning that it may face a collapse against Ethereum (SOL/ETH). Despite acknowledging Solana as a strong retail chain, the analyst expresses concerns about the current market dynamics, suggesting that Ethereum is likely to outperform Solana in the near future.
SOL/ETH is trading at 0.0409 ETH ($142), down more than 4.6% in the last 24 hours. Altcoin Sherpa’s chart analysis indicates a potential decline to 0.039 ETH ($135) for SOL/ETH. Moving on, the analyst highlights Render (RNDR), a blockchain for GPU rendering, and suggests that it could retest the Fibonacci retracement level at $6.03. Altcoin Sherpa advises caution, recommending to wait until RNDR reaches around $7 before considering any significant investments.
RNDR is currently trading at $7.94, showing a decrease of over 4% in the last 24 hours. Despite the short-term dip, Altcoin Sherpa remains positive about Ethereum, predicting that it will reach new all-time highs. With Ethereum trading at $3,479, the analyst believes that ETH’s price will eventually break through the current supply zone, offering a safe trade opportunity for investors.
Ethereum previously reached an all-time high of about $4,900 in November 2021. As investors navigate the volatile market, Altcoin Sherpa encourages them to stay informed and cautious, emphasizing the importance of conducting thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Remember, all trading decisions come with risks, and it’s essential to exercise caution and diligence in your investment strategies.
