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A widely followed cryptocurrency analyst and trader is saying that an altcoin in the Solana (SOL) ecosystem is at a critical juncture.
The analyst pseudonymously known as Sherpa tells his 234,700 followers on the social media platform X that the memecoin Popcat (POPCAT) is at a “do-or-die” level.
Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is typically considered a bearish pattern in technical analysis.
POPCAT is trading at $0.802 at time of writing, up by 21,147% since the January 5th low of $0.00379.
Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly dip below the $100,000 price.
“Bitcoin dominance has yet to come down.
Ethereum has yet to fully send.
January is an incredibly bullish time for crypto.
[US President-elect] Trump is pro-crypto, owns some, and has his own decentralized finance (DeFi) project.
….and you’re selling??”
Bitcoin is trading at $100,624 at time of writing. Bitcoin dominance, the ratio of the market cap of Bitcoin relative to the rest of the crypto market, is currently at 54.7% down by several percentage points from the 2024 high of 58.99% recorded mid-last month.
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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 losses 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.
Generated Image: Midjourney
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