Analyst Altcoin Sherpa shares Solana, other altcoins market predictions
Pseudonymous stockbroker Altcoin Sherpa has recently provided insights on potential market movements for various cryptocurrencies, including Solana (SOL), Avalanche (AVAX), and Bonk (BONK). These predictions were shared through a series of posts on December 18 to his substantial following of 201,800 on X.
Altcoin Sherpa anticipates a dip for Solana, suggesting it could go below $50. The prediction marked a more than 31 percent decrease from Solana’s current value, which stands at $73.37 at the time of writing.
$SOL: For traders, I think sub $50 is coming for #Solana in the mid term.
For investors- SOL is going to go to much higher levels in the coming months, so probably just dont worry about it. I'm going to just hold my SOL and chill pic.twitter.com/Vg6w1g0jxo
— Altcoin Sherpa (@AltcoinSherpa) December 18, 2023
“SOL: for traders, I think sub $50 is coming for Solana in the mid-term,” the analyst said.
Despite this short-term bearish outlook, the analyst remains optimistic and foresees higher levels for Solana in the coming months. Investors are advised to hold onto their tokens, as Altcoin Sherpa believes the dip is temporary.
“For investors, SOL is going to go to much higher levels in the coming months, so probably just don’t worry about it. I’m going to just hold my SOL and chill,” Altcoin Sherpa wrote.
Using Fibonacci retracement ranges, Altcoin Sherpa proposes that Solana (SOL) might test $48.71 before experiencing a rebound.
AVAX and BONK predictions
Aside from Solana predictions, the analyst anticipates a setback for Avalanche (AVAX), an Ethereum (ETH) rival, with a potential drop below $30 following its recent substantial rally. The posted chart indicates a vulnerability for Avalanche (AVAX) around the $39 mark.
“AVAX: things are looking kind of toppy in the short term. Still bullish on this in the longer term for 2024 but wouldn’t be surprised if this cools to sub $30,” the analyst said. AVAX is currently trading for $39.88 at the time of writing.
$AVAX: Things are looking kind of toppy in the short term. Still bullish on this in the longer term for 2024 but wouldn't be surprised if this cools to sub $30 pic.twitter.com/NjjZTe50zr
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2023
Meanwhile, Bonk (BONK), identified as a competitor to Dogecoin (DOGE), is predicted to experience a shift into the distribution stage. While the analyst has not shorted BONK at the moment, Altcoin Sherpa advises investors to proceed with caution.
Altcoin Sherpa hinted at the possibility of a fraudulent pump in the future, which opens the door for potential shorting.
“BONK: not shorting this quite yet, wouldn’t dismiss having some sort of scam pump on this one. That’ll be the one to consider shorting, to be honest,” Altcoin Sherpa said. “I think that this is in its distribution phase for now, though. Expecting the other memes like MYRO to die soon (for a while).”
Bonk currently holds a value of $0.00001918, with a slight 0.8 percent decrease in the past 24 hours.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
