The cryptocurrency market is going through a bloodbath. Leading crypto Bitcoin fell below $39,000 after losing the critical $40,000 level. Most major altcoins also saw deep losses. In this environment, an analyst with a wide following expects further declines for SOL Coin and these 2 altcoins. The analyst explains the levels he expects for these altcoins.
Analyst expects $270 for BNB, although bullish in the long term
cryptokoin.comAs you follow from , the market turned into a bloodbath due to the sales pressure on the leading cryptocurrency. Many altcoins, which had previously risen strongly, gave back a significant portion of their gains. In this tense environment, the popular analyst nicknamed Altcoin Sherpa shared his latest predictions. BNB, the native token of DeFi protocol Binance Smart Chain, will witness higher prices this year, says the analyst.
However, lower levels are on the cards for now. Even though there is a long-term bullish trend in BNB, the analyst predicts that traders will have a chance to accumulate BNB around $270 as the price level is the 0.50 Fibonacci retracement area. In this context, Altcoin Sherpa shares the following prediction:
BNB has been much stronger than other altcoins overall. I think still be patient but maybe this mini altcoin will stay higher than these chops/others in the bear trend. Still, I think BNB will be strong in 2024.
Meanwhile, BNB was trading at $292 at the time of writing, down 6.7% on a daily basis. Token’s weekly loss was 7.9%.
Altcoin Sherpa: SOL Coin will dive to $70 after a bounce!
The analyst next looks at Ethereum rival Solana (SOL Coin). Altcoin Sherpa expects the SOL Coin price to eventually hit the $70 price tag. In this regard, the analyst said, “$72 is probably an area you can consider. However, I expect a bounce before then. “It will probably jump to around $85 first.” says.
Meanwhile, Solana was trading at $79.1 at the time of writing, down 9.5% on a daily basis. Thus, SOL Coin increased its weekly losses to 17.4%.
Analyst points to $28 for INJ
Finally, the analyst covers the decentralized exchange Injective (INJ). Altcoin Sherpa says he expects INJ price to pull back below $30 after repeatedly touching the $34 support. In this context, the analyst makes the following statement:
This area ($34) is really at risk of disappearing. The four-hour 200 EMA (exponential moving average) is right here and INJ will see the $28 area as the next demand zone. The market is losing blood for now.
Meanwhile, INJ was trading at $30.7 at the time of writing, down 9.4% on a daily basis. The token also saw a loss of over 24% on its weekly chart.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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