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Cryptocurrency markets closely follow an analyst who has renewed their bullish expectations for Ethereum’s (ETH) top competitor despite the recent correction. The senior analyst also shared their thoughts on three altcoins, including Bitcoin.
Solana’s Retest Process
Known by the pseudonym Altcoin Sherpa, the cryptocurrency analyst X stated on social media platform X that Solana (SOL) showed strength after retesting the $165 Fibonacci retracement level. The analyst commented on the matter:
Solana had a good initial response to the $165 level. Whether this is the bottom is yet to be determined. I’m hoping for a more comprehensive/another test at this level. Still, I expect an incredible rise by 2024.
The analyst had previously predicted that SOL would reach all-time highs this year. As the article was written, Solana was trading at $184.95, up more than 7% in the last 24 hours.
The analyst then suggested that Bitcoin (BTC) could correct to the $63,000 range in the short term after showing a trend of lower highs. However, there is a long-term bullish outlook. The expert said:
Bitcoin has formed many lower levels in the past few days. We need to see the price really break one of these. I’m still skeptical that this is the bottom, but I hope it is and that it will move from level to level. For now, I’m still at maximum length.
“Time to Accumulate RNDR”
The senior analyst then mentioned that the native token of Render (RNDR), a cryptocurrency project designed to provide a decentralized market for Graphics Processing Units (GPU), could drop more than 17% from its current value before exploding again, stating:
In my opinion, it’s the perfect time to accumulate RNDR for the next rise. I can personally scale it up to $9 from here.
According to the analyst, Ethereum’s competitor Fantom (FTM) is also on the rise after bouncing from $0.91. The expert concluded:
FTM is probably a good area to buy here. It still looks like a very strong chart.
