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A widely followed trader and analyst says that blue skies are ahead for a large-cap altcoin even amid a marketwide correction.
The trader pseudonymously known as Altcoin Sherpa tells his 217,300 followers on the social media platform X that the native token of layer-1 blockchain Toncoin ($TON) is in a strong uptrend after hitting an all-time high ($ATH) of $8.25 on June 14th.
“This still looks incredibly strong…
$TON: still one of the strongest charts in crypto.”
Next up, the analyst warns that Solana ($SOL) may be on the verge of a collapse against Ethereum ($SOL/$ETH).
“$SOL: although I still think Solana is a great retail chain, the current celeb meta is not healthy at all in my opinion. I think that this chart looks pretty scary and that $ETH still probably will continue to outperform for this next stretch.”
$SOL/$ETH is trading for 0.0409 $ETH ($142) at time of writing, down more than 4.6% in the last 24 hours. Looking at his chart, the trader suggests $SOL/$ETH could decline to 0.039 $ETH ($135).
Next up, the analyst says that the graphics processing unit (GPU) rendering blockchain Render (RNDR) could retest the Fibonacci retracement level at $6.03.
“RNDR: good project but I wouldn’t start scaling in until $7ish or lower. Could be a good buying area there.”
RNDR is trading for $7.94 at time of writing, down more than 4% in the last 24 hours.
Lastly, the analyst predicts that Ethereum will print new ATHs.
“$ETH to $ATH is still inevitable. I don’t know when or how it gets there but this supply zone is going to break eventually. Still seems like a guarantee and a fairly safe trade you can take (as long as you can eat the short-term drawdown).”
Ethereum is trading for $3,479 at time of writing, up slightly in the last 24 hours. $ETH reached an $ATH of about $4,900 in November 2021.
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