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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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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.
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