Renowned cryptocurrency analyst and strategist Altcoin Sherpa has revealed his prediction for Avalanche (AVAX) to experience a significant double-digit surge. The analyst also cautioned investors about a potential decline in Solana (SOL).
Anonymous crypto analyst Altcoin Sherpa stated that Avalanche, a competitor to Ethereum (ETH), could rise by more than 12% from its current price level. The analyst emphasized the upward trend of AVAX following the launch of Stars Arena, a decentralized social finance application (SocialFi) rivaling Friend.tech, on the Avalanche Blockchain. Altcoin Sherpa said:
Buy AVAX due to Stars Arena. It could eventually reach $12. If Base had a token during FT (Friend.tech), it would have yielded excellent results. Those who do not wish to use Stars Arena can purchase AVAX.
Analyzing the AVAX chart, Altcoin Sherpa expects the altcoin to face resistance at its current price level and drop to $10.20 before surpassing $12 in November. According to CoinMarketCap data, AVAX is currently trading at a 10.46% increase in the last 24 hours.
Furthermore, the analyst highlighted the uncertainty surrounding Stars Arena’s future, stating, “Content creators/influencers are diminishing in terms of time/energy due to the fragmentation of general social networks. Previously, all information/alpha/conversations were shared on Twitter. What happened now? People are sharing on FT, Stars Arena, and so on. Can most of these social applications survive? It is difficult to say.”
Examining another Ethereum competitor, Solana, the analyst believes that the native token SOL will likely experience a pullback towards lower levels before making a new upward move. The analyst expects SOL to drop to the $20-21 range and stated:
I am confident that these lower levels will come for Solana. It may present a good buying opportunity from a solid dip as long as Bitcoin (BTC) remains stable. The anticipated dip zone is between $21 and $22.
The analyst’s SOL chart indicates the 21-22 dollar range as a potential dip zone, backed by Fibonacci retracement levels. As per current data, SOL is trading at $23.48.