Crypto Strategist Optimistic About Solana and Avalanche
A popular cryptocurrency analyst, known as Altcoin Sherpa, is expressing a bullish outlook toward two of Ethereum’s biggest competitors – Solana (SOL) and Avalanche (AVAX). Altcoin Sherpa, with a following of 197,500 on the social media platform X, believes that both Solana and Avalanche are poised for significant gains in the near future.
Solana (SOL) Analysis and Predictions
Altcoin Sherpa suggests that Solana could experience an increase of more than 25% from its current value, despite potential dips when the overall Solana supply hits the market from FTX. According to the trader, Solana might continue its upward trend to around $50 before a possible retracement. At the time of writing, Solana is trading at $39.95.
- Key Support Levels for SOL: $26.79, $50ish
- Current SOL Price: $39.95
Avalanche (AVAX) Analysis and Predictions
Altcoin Sherpa also predicts a positive movement for Avalanche (AVAX), expecting a 5% increase before a potential retracement. The trader emphasizes the importance of the 200-day EMA (exponential moving average) or $12.40 area, indicating a bullish sentiment until that point. Key levels to watch for AVAX on a dip include $10.81, $9.79, and $8.81. Currently, AVAX is trading at $11.83.
- Key Support Levels for AVAX: $10.81, $9.79, $8.81
- Current AVAX Price: $11.83
Ethereum Against Bitcoin (ETH/BTC) Analysis
Altcoin Sherpa comments on Ethereum’s performance against Bitcoin, expecting a correction to continue until the .048 BTC area is reached. The trader sees this as an opportunity for altcoin buying, with November anticipated to be a good period for investment. ETH/BTC is currently trading at 0.0515 BTC ($1,798).
- Expected Buying Period for Altcoins: November
- Current ETH/BTC Price: 0.0515 BTC ($1,798)
SUSHI Token Analysis
The trader also observes the rally of SUSHI, the native token of multi-chain decentralized exchange (DEX) SushiSwap. However, Altcoin Sherpa advises caution, expecting a retracement after the price hits key levels. SUSHI is currently trading at $1.04, marking a significant increase of more than 23% in the past 24 hours.
- Anticipated SUSHI Pullback Area: $0.92-$1
- Current SUSHI Price: $1.04
