dailyhodl.com
A closely followed analyst says altcoins showing relative strength amid the latest crypto correction will be the first to print new highs this year.
Analyst Jason Pizzino tells his 108,800 followers on the social media platform X that he’s keeping an eye on altcoins that are printing bullish higher low setups.
“Strong altcoins continue to hold their higher lows. If they hold these levels, they will be the first to break out into new, fresh highs and/or all-time highs in 2H 2024.”
In a video update, Pizzino says he has come up with a list of altcoins that are faring better than others amid the crypto correction. But he says there are two that stand out.
“I’ve got some stronger stuff… Solana is definitely one of those… You have Pendle still holding above its 50% and having a reasonable weekly close here back above the 50% at $5.60.”
According to Pizzino, the current altcoin meltdown is giving long-term investors another opportunity to load up on good projects in anticipation of a rally later this year. The trader highlights that deep drawdowns have happened in the past but strong altcoins tend to witness massive gains once the dust settles.
“It’s happened before. We got there in the end. Solana I think is a great one. If you don’t have the belief, have a look back at some of these charts that did drop 80% over the course of four to six months… and then how they have boomed from that time. And that boom can last quite some time.”