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A popular crypto analyst is predicting that one Ethereum (ETH) competitor will soar to three figures in 2024.
Pseudonymous trader Altcoin Sherpa tells his 198,500 followers on the social media platform X that Solana (SOL) will likely increase by at least 72% from its current value next year.
“SOL: hoping for a bit lower to be honest. Sub $50 would be an excellent entry but this is going to go to three digits next year.”
Using Fibonacci retracement levels, the trader says Solana could dip to $48.79 or $42.80 before the massive surge.
Solana is trading for $57.47 at time of writing, up 6% in the last 24 hours.
Next, he says that decentralized oracle provider Chainlink (LINK) could dip down to Fibonacci levels of $11.15 or $12.
“LINK: I still want $11.15 and $12. Waiting patiently. Moves today are nice but not any sort of big MS (market structure) shift yet.”
Chainlink is trading for $14.29 at time of writing, up 1.3% in the last 24 hours.
Next up, the trader says the native asset of the non-fungible token (NFT) marketplace Blur (BLUR) could soon challenge higher resistance levels.
“BLUR: zoom out, I think $0.60 and $0.75 are possibilities on this current run. Incredible strength.”
BLUR is trading for $0.50 at time of writing, up 3.5% in the last 24 hours.
Lastly, the trader predicts a generally sideways trading environment for the broader crypto market, at least for the time being.
“BTC: nothing has changed. Nice moves today but don’t think that we’ve seen a big market structure shift yet.
Nice moves for some alts but still expecting a lot of chop for the majority.”
He also says that Bitcoin (BTC) will likely break out soon and outperform altcoins.
“BTC: price action pretty boring. I still don’t see this as a great trading environment for most. Expecting more chop followed by a decent-sized move. I still expect alts to underperform Bitcoin in this next stretch though.”
Bitcoin is trading for $37,109 at time of writing, up 1.8% in the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/tankist276
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