A closely followed crypto strategist remains bullish on a top Ethereum (ETH) competitor despite a sudden correction.
Pseudonymous analyst Altcoin Sherpa tells his 212,100 followers on the social media platform X that Solana (SOL) is showing strength after retesting the $165 Fibonacci retracement level.
“SOL: good first reaction to that $165 level. To be determined if that was the bottom; I frankly hope that we see more ranging/another test of that level. Still incredibly bullish on this one in 2024 though.”
The trader previously predicted SOL will reach new all-time highs this year.
Solana is trading for $184.95 at time of writing, up more than 7% in the last 24 hours.
Next up, the trader says that Bitcoin (BTC) may correct to the $63,000 range in the short term after printing a bearish pattern of lower high prices. However, he is bullish long-term.
“BTC: lots of lower highs created the last few days. We need to see price actually break one of those. Still dubious on this being ‘the bottom’ (I hope it is) and will take it level to level. For now, I’m still max long.”
Bitcoin is trading for $66,121 at time of writing, up 3.6% in the last 24 hours.
Next, the trader says that the native asset of Render (RNDR), a crypto project designed to provide a decentralized marketplace for Graphics Processing Units (GPUs), may decline more than 17% from the current value before breaking out again.
“RNDR: in my opinion good time to accumulate RNDR for its next move up. Would scale down from here to $9 personally.”
Render is trading for $10.96 at time of writing, down nearly 3% in the last 24 hours.
The trader is also turning bullish on Ethereum challenger Fantom (FTM) after bouncing at $0.91.
“FTM: probably a decent area to buy as a scalp here. Still looks like a pretty strong chart.”
Fantom is trading for $1.03 at time of writing, up nearly 12% in the last 24 hours.
Lastly, the trader believes there is a lot of upside potential for the native asset of the blockchain-based gaming network Beam (BEAM).
“BEAM: still a buy and hold for me. Didn’t add any on the last bit but still holding bulk position. Bullish on this one going into 2024 and holding.”
Looking at his chart, the trader suggests Beam could soon cross $0.036 to the upside and head toward $0.40.
Beam is trading for $0.035 at time of writing, up more than 15% in the last 24 hours.
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The post Trader Says He’s Still Incredibly Bullish on Top Ethereum Rival, Updates Outlook on Bitcoin and Three Altcoins appeared first on The Daily Hodl.
