A closely followed crypto trader says a rally is in store for Solana (SOL), and also updates his outlook on Litecoin (LTC) and FTX Token (FTT).
Pseudonymous crypto analyst Altcoin Sherpa tells his 186,200 Twitter followers that the Ethereum (ETH) rival could see more than a 50% rally if its current support holds steady at several critical exponential moving averages (EMAs) on the four-hour time frame.
“I think it’s at a key level on the 4h (four hour time frame), would really like to see this area hold given the EMAs. $30 is the next area up if we fail. I’m still of the opinion we’ll see high $40s though in the coming weeks.”
At time of writing, Solana is switching hands at $31.27.
Altcoin Sherpa next sets his sights on Litecoin, which is up 11% in the last 24 hours. He says he’s perplexed by the rally, and while he doesn’t see LTC jumping much further, he names $67 as a potential price target.
“I don’t know why this s**tcoin is pumping. I’d be wary of the incoming levels if they get there, $67 is the 200-day EMA and it’s unlikely this is a sustained pump. Not going to trade this one yet.”
At time of writing, Litecoin is trading at $60.31.
Altcoin Sherpa revisits the native token of crypto exchange FTX, FTT. He forecasts a rally to $28, about 12% from current prices.
“I think this one actually does go to $28 eventually but would not buy at this current area. Haven’t looked at this chart in a while but it makes sense for FTX to pump this one.”
At time of writing, FTT is trading at $25.64.
The crypto analyst also weighs in on Bitcoin (BTC), saying that a possible dip to the mid $19,000 level could be an opportune entry point for bulls.
“It’s scary to be in an active position right now, better to bid lower in my opinion. Mid $19,000s has interesting confluence with many EMAS (exponential moving averages) on the 4h and S/R level (support/resistance levels). Many alts pulling back for now. I’m still of the opinion we go to $23,000 in the midterm for what it’s worth.”
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