Top Crypto Trader Updates Outlook on Solana, Polkadot and One Ethereum Rival Recently Listed on Coinbase
A popular analyst is updating his price targets for a trio of cryptoassets as markets end a rocky week of trading.
The pseudonymous trader Altcoin Sherpa plot out several Fibonacci levels for smart contract platform Solana (SOL), and told his 182,400 Twitter followers that he could see the altcoin briefly rise to $36.60 before falling back below $26.
“I think it makes sense to bounce around here, but I still think at the end of the day the mid-$20s are still coming along.
Would be patient with this one.”
Solana is trying to recover from a tough last week in August, which saw its price fall 14.3% from $35.27 to $30.21.
SOL briefly flirted with the $33 level but is currently trading at $31.48.
Next on the analyst’s radar is the Polkadot (DOT) cross-chain interoperability protocol. Altcoin Sherpa gives a two-year chart while setting several potential price targets where $10.36 serves as resistance and around $4.50 marks the bottom.
“Haven’t looked at this shitcoin in a while, $4.50 or so going to come if things get really bad.
If this is the bottom, it will look like a double bottom structure [in my opinion].”
Polkadot is also fighting back from the flash crash that affected most asset classes last weekend following Federal Reserve Chairman Jerome Powell’s comments on monetary policy tightening.
At the time of writing, DOT is changing hands for $7.14.
Last up is Ethereum (ETH) competitor NEAR Protocol (NEAR), which the analyst is watching on four-hour candles dating back to late July. Altcoin Sherpa thinking NEAR is holding up better than expected, but warns potential investors that the altcoin is testing its upward resistance zone.
“Haven’t looked at this shitcoin in a while, actually looks pretty decent.
It’s at resistance so wouldn’t quite buy this level, but a break/retest could mean a move up to $5.
Keep an eye on.”
Near Protocol has fully recovered from last week’s price drop, down just 1.05% in the last 24 hours and worth $4.35.
NEAR’s price got a boost earlier this week when top US crypto exchange Coinbase added the altcoin to its trading list.
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