Trader Says Top-10 Altcoin Looks ‘Incredibly Strong,’ Updates Outlook on Ethereum, Solana, and Render
A well-known trader and analyst believes that despite the current market correction, a top-10 altcoin is poised for success. Altcoin Sherpa, a pseudonymous trader, shared with his large following on social media platform X that Toncoin (TON), the native token of a layer-1 blockchain, is experiencing a strong uptrend. The altcoin reached an all-time high of $8.25 on June 14th, and Altcoin Sherpa believes its performance remains robust.
Toncoin is currently trading at $8.10 and has seen a 3% increase in the past 24 hours. The trader continues to express optimism about the altcoin’s prospects, stating that it possesses one of the strongest charts in the crypto market.
However, Altcoin Sherpa advises caution regarding Solana (SOL), suggesting that it may be on the verge of a collapse against Ethereum (SOL/ETH). Although he considers Solana to be a promising retail chain overall, he believes the current celebrity hype surrounding it is unhealthy. The trader proposes that Ethereum will continue to outperform Solana during the next period.
SOL/ETH is currently trading at 0.0409 ETH ($142), experiencing a 4.6% decrease in the past 24 hours. Altcoin Sherpa’s chart analysis indicates that SOL/ETH could potentially decline to 0.039 ETH ($135).
In terms of the graphics processing unit (GPU) rendering blockchain Render (RNDR), the trader suggests waiting for a potential retest of the Fibonacci retracement level at $6.03 before considering scaling in. While the project is considered good, Altcoin Sherpa advises caution and identifies the $7 range as a potentially favorable buying area.
RNDR is currently trading at $7.94, showing a decline of over 4% in the past 24 hours.
Regarding Ethereum, Altcoin Sherpa predicts that the cryptocurrency will eventually reach new all-time highs (ATHs). While uncertain about the timing or manner in which it will occur, the trader believes that Ethereum will break through its current supply zone. He views it as a safer trade option, provided one can withstand short-term drawdowns.
Ethereum is currently trading at $3,479, with a slight increase in the last 24 hours. Its previous ATH was approximately $4,900 in November 2021.
Overall, Altcoin Sherpa offers insights into specific altcoins, highlighting their potential strengths and weaknesses amidst the market fluctuations.