A closely followed crypto strategist believes that one Ethereum (ETH) rival is in an uptrend after retesting the $120 range last week.
Pseudonymous analyst Altcoin Sherpa tells his 217,700 followers on the social media platform X that Solana (SOL) appears to have more upside potential after holding the 200-day exponential moving average (EMA) as support.
“SOL: I didn’t trade this… I think SOL looks good for higher though.”
Solana is trading for $140 at time of writing, down 8.5% in the last 24 hours.
Next up, the analyst says that Bitcoin (BTC) has yet to confirm a trend direction as it continues to trade sideways around $60,000 within a range with an upper bound of $73,794 and a lower bound of $56,544.
“BTC: still seeing the same type of choppy price action, no real conclusive trend yet in my opinion. 200-day exponential moving average (EMA) is still close to the range low and I don’t really see anything on lower time frames that suggests reversal (yet). Best to stay flat for now in my opinion.”
Bitcoin is trading for $60,157 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst is turning bearish on layer-2 scaling solution Polkadot (DOT).
“The chart itself still looks … terrible for what it’s worth.”
Looking at his chart, the trader suggests that DOT could bounce past $7 before dipping to the $6.40 level on the daily chart.
DOT is trading for $6.04 at time of writing, down nearly 8% in the last 24 hours.
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Generated Image: Midjourney