dailyhodl.com
A popular crypto trader and analyst thinks one Ethereum (ETH) rival is gearing up for a strong finish in 2024.
The pseudonymous analyst known as Altcoin Sherpa tells his 217,900 followers on the social media platform X that Solana (SOL) has a healthy market structure and predicts a breakout for the top-10 altcoin before the year’s end.
“SOL looks more like the green box versus the red box to me. The reason is mostly due to:
- Previous price action (run from $20-$200 was way different in 2021 versus 2024).
- More defense of key levels this time around i.e. $130.
- Overall Bitcoin (BTC) market is obviously in a much healthier place.
So yeah, I still view SOL to be mostly healthy here. While something like $100 could still come on a flush, I still predict price mostly chopping between $120-$170 for a while and then a strong run-up in Q4. In other words, I don’t think it’s ‘over.'”
Solana is trading for $136 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst says that the native asset of the modular blockchain network Celestia (TIA) could retest a Fibonacci retracement level at $5.80, a decline of more than 9% from the current value.
“TIA: would love to fill in the green box, staying patient for now.”
TIA is trading for $6.38 at time of writing, down nearly 7% in the last 24 hours.
Lastly, the analyst says that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, could be forming a market bottom and could start consolidating in a range between $6.10 and $7.50.
“RNDR is still below the 200-day exponential moving average (EMA) but at a key Fibonacci region at the .618. More chop between here and $7.50 seems reasonable to form a longer-term bottom.”
Render is trading for $6.03 at time of writing, down 6.7% in the last 24 hours.
Generated Image: Midjourney