Analyst Says Next Leg up Incoming for Altcoins, Updates Outlook on Solana and Two Other Crypto Assets

A popular crypto trader believes altcoins are on the verge of big rallies after a pullback in the digital assets market.

The pseudonymous analyst known as Altcoin Sherpa tells his 212,400 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), seems to be consolidating in preparation for a breakout.

He says many altcoins are forming similar bullish price patterns with consolidation in a broader uptrend as shown in Render’s chart.

“RNDR: you know, a lot of good charts have this same type of price action. I think now is a great time to scale into many altcoins that you like and just sit on them. The next leg seems like it’s going to come in the next few weeks.”

Source: Altcoin Sherpa/X

Render is trading for $11.18 at time of writing, up nearly 2% in the last 24 hours.

Next up, the trader predicts that Ethereum (ETH) competitor Solana (SOL) could dip to the 0.382 Fibonacci retracement level before rallying.

“SOL: I think this remains a good area to buy and scale in. Would DCA (dollar cost average) from here to $140 personally.”

Source: Altcoin Sherpa/X

Solana is trading for $189.84 at time of writing, up more than 4% in the last 24 hours.

The trader is also bullish on RSS3 (RSS3), a decentralized information processing protocol.

“RSS3 is consolidating here in my opinion. I think the next leg is coming. In this one personally and have a node. Bullish.”

Source: Altcoin Sherpa/X

RSS3 is trading for $0.523 at time of writing, up over 8% in the last 24 hours.

Lastly, the trader says that the layer-1 blockchain project Vanar Chain (VANRY) seems to be in a consolidation phase and could break out within weeks.

See also  Litecoin Beats Out Dogecoin, Bitcoin As Top Crypto For Payments

“VANRY: fibbed the entire move and it’s consolidating right at the .382 fib. I would like to see this continue chopping around here another few weeks to be honest; the longer the break, the stronger the next move. I’ve got a bag.”

Source: Altcoin Sherpa/X

Vanar Chain is trading for $0.28 at time of writing, up more than 4% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Source link