Altcoin Sherpa, a well-known and closely followed experienced cryptocurrency analyst known for his accurate predictions, has issued a warning to stay away from Cosmos (ATOM). The analyst also evaluated the current outlook for Solana (SOL) and Woo Network in the leading altcoins.
“No Reason to Buy ATOM”
Anonymous crypto analyst Altcoin Sherpa warned investors that the native asset of the collaborative blockchain ecosystem Cosmos, ATOM, appears ready for further downward price movement. According to the analyst, ATOM, which has dropped by about 60% from its highest level in 2023 at $15.45, will likely pull back to around $5.50 before a relief rally:
I know that decentralized applications Blockchain has a great future, but the chart really looks bad. Frankly, I don’t expect a relief rally before it drops to the mid $5 range. This level should be a good bounce area. Still, I don’t see any reason to buy it.
Other Altcoins on the Analyst’s Radar: Solana (SOL) and Woo Network (WOO)
Altcoin Sherpa also closely monitors the price movements of Solana (SOL), which is considered as a competitor to the largest altcoin Ethereum (ETH). The analyst stated that SOL is currently stuck in a wide trading range between $16 and $27, saying:
I haven’t checked the SOL chart for a while. I haven’t seen any significant changes on higher time frame charts. I think it will still move within the range of $16-$27 and there are some breakout patterns at both ends. Probably the best approach would be to buy SOL and hold it for a long time.
The last altcoin on the analyst’s radar is the native asset of the decentralized liquidity pool trading platform, Woo Network, which is WOO. Altcoin Sherpa shared a chart showing that WOO has been in a horizontal trend above the support level of around $0.147 and added the following note:
WOO is generally a great project/exchange, and there have been some good news recently about them burning 3AC (Three Arrows Capital) tokens and removing them from circulation. I still don’t think it’s a buying point at the moment, but it’s probably a good long-term investment.
