- The cryptocurrency market has been losing its bullish momentum and is now trending downwards.
- However, several tokens continue to demonstrate strength, emphasizing the importance of thorough evaluation before making any moves.
- A respected analyst has shared their latest predictions amidst this market correction, indicating that a major altcoin still has potential for significant gains, while issuing warnings for others.
Read our in-depth analysis of the current state of the cryptocurrency market, including key insights and future predictions for major tokens.
Toncoin (TON) Exhibits Strong Upward Trend
As the market struggles to find its direction, some tokens have managed to sustain their momentum. One such token is Toncoin (TON), which reached its all-time high (ATH) of $8.25 on June 14. According to the analyst known as Altcoin Sherpa, TON is expected to continue its strong upward trend. “TON: This still looks incredibly strong (…) Still one of the strongest charts in crypto,” he stated.
Ethereum (ETH) Poised for New ATHs
Altcoin Sherpa also provided insights on Ethereum (ETH), projecting that the leading altcoin is on the verge of reaching new ATHs. He mentioned, “Transitioning to new ATHs in ETH is still inevitable. I don’t know when and how it will happen, but this supply zone will eventually be broken. It still looks like a guaranteed and fairly safe trade to take, provided you accept short-term declines!” Ethereum was trading at $3,479 at the time of writing, having briefly surged within the last 24 hours.
Solana (SOL) Versus Ethereum (ETH): Potential Downturn
The analyst warned about a potential downturn for Solana (SOL) against Ethereum (SOL/ETH). He noted, “Although I still think Solana is a great retail blockchain, the current celebrity status isn’t healthy at all. This chart looks quite scary, and I believe ETH will likely outperform in the upcoming period.” At the time of writing, SOL/ETH was trading at 0.0409 ETH ($142) and the analyst suggested that it could drop to 0.039 ETH ($135).
Render (RNDR) Testing Key Resistance
Finally, Altcoin Sherpa discussed Render (RNDR), highlighting that the GPU rendering blockchain is on its way to testing its Fibonacci retracement level at $6.03. “RNDR: It’s a good project, but I wouldn’t start buying until it drops to $7 or below. That could be a good buying opportunity,” he commented. RNDR was trading at $8.12 during the time of analysis, with a slight decline of over 1% in the last 24 hours.
Conclusion
In summary, while the cryptocurrency market is facing a downward trajectory, selective tokens like Toncoin and Ethereum show promising potential. However, others like Solana might experience further declines against ETH. Render offers a strategic buying opportunity if it revisits lower price levels. Investors should stay informed and approach their trading decisions with careful analysis.
