- Renowned crypto analyst Altcoin Sherpa has released his latest predictions for Solana (SOL) and other promising altcoins.
- Altcoin Sherpa anticipates significant growth for these altcoins by the end of the year, based on their current market structures.
- In a series of tweets to his 217,900 followers, Sherpa highlights the healthy market structure of Solana, indicating a robust performance ahead.
Discover the latest insights on Solana and other altcoins as predicted by Altcoin Sherpa, promising a bullish trend in the upcoming months.
Solana’s Strong Market Structure and Expected Growth
Altcoin Sherpa claims that Solana’s current market structure is very healthy and compares it favorably to the rapid price increases seen in 2021 between $20 and $200. Sherpa emphasizes the balanced defense Solana is now displaying. He believes that Solana has found strong support around the $130 level, which is critical for sustained growth. The overall Bitcoin market is also in a healthier condition, which could further boost Solana’s performance.
Sherpa forecasts that Solana will fluctuate between $120 and $170 before embarking on a strong upward trend in the last quarter of the year. Despite Solana’s current price of $136, which sees a near 3% drop in the last 24 hours, Sherpa views these dips as long-term buying opportunities.
Bearish Outlook for Celestia
Sherpa also points out a potential decline for Celestia (TIA). The analyst predicts that Celestia could fall to around $5.80 based on Fibonacci retracement levels. Currently valued at $6.38, Celestia has seen a 7% drop in the past 24 hours. Sherpa believes that this drop could test the support level he terms as the “green box” and advises patience for this level to solidify. Long-term, Sherpa remains optimistic that Celestia will recover.
Long-term Recovery in Render
Analyst Altcoin Sherpa has also given a positive outlook for Render (RNDR). He reports that Render, a GPU-based blockchain platform, is currently at the lower end of its market range and below its 200-day EMA. However, Sherpa notes that it has found support at an important Fibonacci level of .618. Sherpa projects that Render will consolidate between $6.10 and $7.50, forming a long-term bottom within this range. At its current price of $6.03, Render has experienced a 6.7% decline in the last 24 hours. Nonetheless, Sherpa views this period of consolidation as a potential opportunity for long-term recovery.
Conclusion
Altcoin Sherpa’s evaluations underscore the volatile nature of the cryptocurrency market and highlight key levels investors should monitor. His analysis points to promising long-term recoveries for Solana, Celestia, and Render, despite their recent short-term fluctuations. Solana is expected to break out strongly in the last quarter of the year, presenting an exciting opportunity for investors. Additionally, Celestia and Render could offer profitable long-term prospects by holding their respective support levels. According to the analyst, tracking the market movements of these notable cryptocurrencies could offer substantial returns in the long run, reinforcing the importance of careful market analysis and strategic investment practices.
