A widely followed crypto strategist is outlining what’s in store for Ethereum rivals Solana (SOL) and Avalanche (AVAX) as well as one under-the-radar altcoin.
Pseudonymous analyst Altcoin Sherpa tells his 178,300 Twitter followers that smart contract platform Solana could be carving a local bottom after losing 90% of its value from the all-time high.
“SOL: -90% from the peak. This isn’t a bad area to start accumulating for longer terms if you are looking for an alternative layer-1. I think it’s one of the best choices given its non-Ethereum Virtual Machine, to be honest.
Low timeframe, it looks decent to be honest. $45 could come in the mid-term if BTC plays nice.”
At time of writing, Solana is changing hands for $38.26, up over 13% in the last 24 hours.
Next up is fellow smart contract platform Avalanche, which Altcoin Sherpa predicts is poised for a relief rally with targets at $22 and $28.
“AVAX: It’s not a bad idea to want to accumulate and my $12 target never hit. I think a bearish retest is probably coming, not the macro bottom quite yet in my opinion.”
At time of writing, AVAX is trading at $17.96, up nearly 8% in the past day.
The last coin on the trader’s radar is the utility token of the Ethereum-based NFT marketplace LooksRare (LOOKS). According to Altcoin Sherpa, LOOKS is short-term bullish after taking out its immediate resistance at $0.30.
“LOOKS: Lol…nice break. This is one to consider longing on a dip. Still highly bearish market structure but this is showing a lot of strength.”
LOOKS is currently valued at $0.42, up over 21% in the past day.
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Featured Image: Shutterstock/Agung Afriady/Sol Invictus
