Altcoin Sherpa’s Analysis
Pseudonymous analyst Altcoin Sherpa, with a substantial following of 198,900 on the social media platform X, anticipates that SOL, LINK, and AVAX might experience a temporary setback before resuming an upward trend.
According to Altcoin Sherpa, these three coins are expected to decline to their respective 0.382 Fibonacci levels, where they could potentially establish a robust foundation for rallies in the beginning of 2024.
“Many 0.382 Fibonacci levels + 200 exponential moving average (four-hour chart) are coming up on some of the best coins: LINK, SOL, AVAX.
These areas + the 0.50 Fibonacci level are the regions I’m eyeing.
Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong move in January for many of these.”
Individual Coin Predictions
Solana (SOL)
Altcoin Sherpa predicts that SOL could drop to $48.72. At the time of writing, SOL is trading for $58.13.
Avalanche (AVAX)
Looking at Avalanche, Altcoin Sherpa suggests a correction down to $18.54. At the time of writing, AVAX is worth $20.94.
Chainlink (LINK)
For the decentralized oracle network Chainlink, Altcoin Sherpa anticipates a retracement toward the $12.44 level. At the time of writing, LINK is trading for $14.61.
Additional Coin Under Observation
Altcoin Sherpa is also closely monitoring the decentralized exchange protocol THORChain (RUNE). The trader believes that RUNE is in a similar situation as SOL, AVAX, and LINK.
“RUNE: Same setup as the others…would love to see a 0.382 [Fibonacci level] tap + 200 exponential moving average on the four-hour chart.”
Looking at the trader’s chart, it appears that RUNE is expected to fall to $4.48. At the time of writing, RUNE is worth $6.07.
