The cryptocurrency market made a strong move towards the end of the week. Leading cryptocurrency Bitcoin showed strength by overcoming the $45,000 barrier. Large altcoin projects by market capitalization also made significant gains. Among these, ADA and SOL Coin attracted attention. However, a crypto analyst with a large following is issuing a warning for SOL. In addition, the analyst expects an increase for 2 altcoins.
Altcoin Sherpa targets $600 for TAO!
cryptokoin.comAs you follow from , the market turned green today. The strong move of the leading cryptocurrency Bitcoin, exceeding 45 thousand dollars, dragged the altcoins along with it. In this positive atmosphere, analysts say that some tokens are poised for a rise. The analyst, nicknamed Altcoin Sherpa, is turning the spotlight on Bittensor (TAO), a decentralized blockchain platform focused on machine learning and artificial intelligence. The analyst says TAO has the potential to rise more than 33% from its current value. In this context, the analyst makes the following statement:
TAO: I remember buying it for $120 and then selling it quickly. Angle. There is still a lot of bullish on this issue. If this current level is broken, $600 would be the next area. This 220.50 Fibonacci area was a great entry. I could have, I should have!
Meanwhile, it should be noted that TAO was traded at approximately $46 on October 16 last year. The token has gained a staggering 880% since then. At the time of writing, TAO was trading at $446, down 4.5% on a daily basis.
Will SOL Coin make a bearish test?
The analyst then looks at the strong Ethereum rival Solana (SOL Coin). Altcoin Sherpa says it continues to rise on SOL. However, it warns that SOL Coin price may retest the Fibonacci retracement levels at $84.67 or $71.81. In this context, the analyst makes the following statement:
LEFT: slowly falling. I have no idea where it will go in the short/medium term. I still think it will be pretty good in 2024 and I’m just holding on to my stack. But I think lower prices will probably come. $70-85 would be a good price to save.
Meanwhile, SOL Coin has increased by approximately 6% in the last 24 hours. The token was trading at $102.6 at the time of writing.
According to the analyst, LINK will rise further
Finally, the analyst is also bullish on Blockchain oracle provider Chainlink (LINK). The analyst predicts that the token will soon turn a key resistance level at $18.70 into support. Based on this, Altcoin Sherpa said, “LINK is still in resistance. However, after this long consolidation, I think it will rise further in the medium term.” says.
Meanwhile, LINK was trading at $11.20 at the time of writing, down about 0.3% in the last 24 hours.
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