Crypto analyst Altcoin Sherpa, who is closely followed, claimed on his personal account on the social media platform X (formerly known as Twitter) that Solana (SOL) and Avalanche (AVAX) are preparing for a new rally. The analyst expects SOL’s price to increase by double digits.
Crypto analyst and trader Altcoin Sherpa stated that he expects Solana to increase by more than 20% from current prices, saying, “I continue to believe that the price will drop to lower levels when FTX starts dumping SOL on the market, but it looks really strong until then. The price could continue to rise up to $50.”
Looking at the price chart shared by the analyst, it can be seen that SOL is expected to drop to the range of $26.79 after retesting the $50 level. At the time of writing this article, Solana is trading at $42.08 with a 9.15% increase in the last 24 hours.
Following Solana, Altcoin Sherpa, who examined Avalanche’s AVAX, emphasized that the altcoin could rise another 5% from current prices before experiencing a pullback:
The 200-day Exponential Moving Average (EMA) is waiting at the $12.40 level. AVAX, which I expect to pull back, will remain in an uptrend until it reaches this level.
The AVAX chart presented by the analyst highlights the key levels that need to be carefully monitored during the expected pullback, which are $10.81, $9.79, and $8.81 respectively. At the time of writing this article, AVAX is trading at $12.06 with a 3.84% increase in the last 24 hours.
Meanwhile, Altcoin Sherpa also warned investors that there will be a correction as long as Ethereum (ETH) or ETH/BTC trading pair reaches a key level.
The analyst said, “The decline in ETH/BTC continues. I think the opportunity to buy altcoins is becoming more attractive every day. It seems that the 0.048 level will be broken. I expect November to be a good buying period and then altcoins to perform really well in December/January.”