As developments in the cryptocurrency market continue to capture attention, popular analyst Altcoin Sherpa has revealed a list of altcoin projects, including Solana (SOL), that he expects to surge. Speaking to his 217,900 followers on social media platform X, the analyst predicts that Solana, with its healthy market structure, will see a significant breakout in the last quarter of the year.
Solana’s Healthy Market Structure and Expected Altcoin Surge
Altcoin Sherpa highlights that Solana’s current market structure is quite healthy, noting that the price is defending itself more steadily compared to its rapid rise from $20 to $200 in 2021. The analyst points out that Solana has found strong support around the key level of $130 and states that the overall Bitcoin market is also in a healthier state.
Sherpa believes Solana will fluctuate between $120 and $170 and then enter a strong upward trend in the last quarter of the year. Currently priced at $136, Solana has experienced a nearly 3% drop in the last 24 hours. However, the analyst views these dips as opportunities for long-term recovery.
Bearish Outlook for Celestia
Another cryptocurrency drawing Sherpa’s attention is Celestia (TIA). Sherpa anticipates that Celestia could drop to the Fibonacci retracement level of $5.80 and test this level. Currently valued at $6.38, TIA has seen a 7% drop in the past 24 hours.
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Sherpa expects Celestia to test the support level he calls the “green box” and is patiently waiting for this level to be filled. The analyst believes Celestia could show recovery in the long term.
Long-Term Recovery Expected for Render
Finally, Sherpa also has a positive outlook for Render (RNDR). As a GPU-based blockchain platform, Render is currently at the lower end of its market structure. Sherpa notes that the price is below the 200-day exponential moving average (EMA) but has found support at a significant Fibonacci level of 0.618.
The analyst predicts that Render will consolidate between $6.10 and $7.50 and form a long-term bottom in this range. Currently priced at $6.03, Render has experienced a 6.7% drop in the last 24 hours. Sherpa believes this consolidation phase could create a long-term recovery opportunity for Render.
Overall Market Outlook and Future Expectation
Altcoin Sherpa’s assessments highlight the volatile nature of cryptocurrency markets and the key levels investors should watch. The analyses of Solana, Celestia, and Render suggest that despite short-term fluctuations, these cryptocurrencies could demonstrate strong long-term recoveries. The expectation of a significant breakout for Solana in the last quarter of the year offers an exciting opportunity for investors.
Similarly, the predictions for Celestia and Render’s long-term recoveries at certain support levels indicate that these altcoin projects are important assets to follow. According to the analyst, monitoring the market movements of significant cryptocurrencies like Solana, Celestia, and Render could provide profitable opportunities for investors in the long run. However, as reported by The Bit Journal, investors should exercise caution and carefully examine projects.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
