A popular analyst is setting price targets for Ethereum challenger Solana (SOL) while forecasting what’s next for ETH and STEPN (GMT).
Pseudonymous analyst Altcoin Sherpa tells his 179,900 Twitter followers he’s using the Fibonacci retracement tool to plot out support and resistance levels for Solana, noting things may go south for the smart contract platform if the $32 range (0.618 Fibonacci level) is lost.
“I’m long, targeting high $30s. Will get out if 0.618 is lost on high time frames.
Don’t follow me on this one, it’s countering the trend.
I will look for shorts around $42 if it gets there.”
Looking at Altcoin Sherpa’s chart, he appears to be targeting $38 and $42 for SOL.
At time of writing, Solana is up over 9% over the past 24 hours and trading for $36.33.
Next up on Altcoin Sherpa’s radar is leading smart contract platform Ethereum. The analyst remains overall bearish on ETH with the only silver lining being the heavy buying activity at current prices could enable Ethereum to carve out a short-term bottom.
“I don’t see anything bullish about this chart personally. One of the only things is that this area is a high-volume node/people like to transact at this level, usually means it’s a decent [resistance to support] level.
Other than that, trend is bearish on all [timeframes].”
Ethereum is in the green by 7.34% with an asking price of $1,151.
Next up on Altcoin Sherpa’s watchlist is move-to-earn altcoin STEPN. While he expects further price consolidation before another rally, the analyst points out that the high-volume node (HVN) metric indicates that traders are possibly starting to pile in.
“I don’t see anything that shows a trend change quite yet; I still use this app daily and I am an investor.
With that said, I think it’s going to need to consolidate a while longer before any upward movement.
HVN at this current area; traders like trading at this price point.”
STEPN is currently up over 17.4% and changing hands for $0.94.
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Featured Image: Shutterstock/Professional Bat/Tun_Thanakorn
Source: https://dailyhodl.com/2022/07/05/top-crypto-trader-predicts-rally-for-ethereum-rival-solana-sol-updates-outlook-on-eth-and-stepn-gmt/