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Closely followed cryptocurrency analyst and trader Altcoin Sherpa said he expects significant gains for Dogecoin (DOGE). The analyst also commented on the latest outlook for three altcoins on his watchlist, especially Solana (SOL).
Expecting Up to 150% Increase in Dogecoin
Sharing his views with his followers on the social media platform X, Altcoin Sherpa suggested that Dogecoin could potentially rise to $0.40 and expects a 147% increase from its current price of $0.162.
The analyst’s expectation of a rise centers around factors such as ultimate retail investor interest, the potential impact of tweets from Elon Musk, the altcoin’s high liquidity, and its lower downside compared to other memecoins, making it one of the safest altcoins in this cycle.
Analyzed SOL, LINK, and NEAR
After Dogecoin, Altcoin Sherpa turned his attention to Solana’s SOL, expressing optimism about its long-term prospects but expecting more sideways movement and lower volatility in the short term. SOL is currently trading at $168. The analyst believes that although the altcoin has higher gain potential later in the year, more consolidation is likely in the near future.
Immediately after SOL, the analyst commented on Chainlink (LINK), noting that while it may not provide a 100x return, its downside risk is limited. According to Altcoin Sherpa, LINK could rise approximately 75% from its current price of $18.26, reaching $32 in the coming months. The analyst emphasized that LINK is a relatively stable investment compared to more volatile altcoins.
Finally, Altcoin Sherpa analyzed the Layer-1 protocol NEAR Protocol (NEAR), which he believes does not currently offer an attractive entry point for a long position. NEAR is currently trading at $7.48 and appears to be in a consolidation phase. The analyst advised patience, suggesting it might be better to wait for a breakout and consider buying at a higher price when the market shows clearer signs of an upward movement.
