Cryptocurrency markets are closely monitoring an analyst who has renewed his bullish outlook for Ethereum’s (ETH) top competitor despite the recent correction. The senior analyst also shared his thoughts on three altcoins, including Bitcoin.
Solana’s Retest Process
Known by the pseudonym Altcoin Sherpa, cryptocurrency analyst X stated on social media platform X that Solana (SOL) showed strength after retesting the $165 Fibonacci retracement level. The analyst commented:
Solana had a good initial reaction to the $165 level. Whether this is the bottom is yet to be determined. I’m honestly hoping to see 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. At the time of writing, 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 downtrend with lower highs. However, he remains bullish in the long term. He stated:
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 this is the bottom, but I hope it is and we move from level to level. For now, I’m still at maximum length.
“Time to Accumulate RNDR”
The senior analyst then spoke about the native token of Render (RNDR), a cryptocurrency project designed to provide a decentralized market for Graphics Processing Units (GPU), stating that it could drop more than 17% from its current value before exploding again:
In my opinion, it’s the perfect time to accumulate RNDR for the next rise. Personally, I can scale it up to $9 from here.
According to the analyst, Ethereum’s competitor Fantom (FTM) is also on an uptrend after bouncing from $0.91. He concluded:
FTM is probably a good area to buy here. It still looks like a quite strong chart.
