A widely followed crypto analyst says one leading layer-1 altcoin project may not have another 2024-style bull run.
Altcoin Sherpa, an incognito crypto trader of a digital kind, has just dropped a bombshell on his 248,700 followers on X: The great run of Solana against Bitcoin might be already over. Forget the astronomical gains from last year; Sherpa’s weekly charts suggest it is time for SOL/BTC to pause a little. Will the Solana express run out of steam?
Forgetting Solana lest it eclipsed Bitcoin. The glory days of 2021-2024? Lightning in a bottle. Couldn’t be said for SOL-the repeat performance would require a second Big Bang.”
Source: Altcoin Sherpa/X
SOL/BTC is trading for 0.0013768 BTC ($143) at time of writing, flat on the day.
After the stomach-turning dipping to about $103,000, an analyst is of the view that the market correction appears to be behind us. The Bitcoin rollercoaster may be settling!
“Local bottom for BTC in my opinion.”
Bitcoin’s caught in a tug-of-war, bouncing between a ceiling of $106,826 and a floor of $103,127. A breakout is brewing.
Bitcoin has been stuck in a three-week purgatory, a choppy range, with feints on either side. Price action? Flatlined. Your mission, should you accept it, is to survive-this storm. Resist the siren call of trading-a lesson I’m learning today after donating to the market gods. Sometimes the smartest move is to do nothing at all.
Source: Altcoin Sherpa/X
Bitcoin is trading for $104,359 at time of writing, flat on the day.
Lastly, the analyst says Ethereum (ETH) may trade sideways for another three months, similar to a 2024 pattern.
“Ethereum has been promising us a breakout, hasn’t it? Feels like we’re in the limelight of some crypto-purgatory. Remember the three-month tormenting chop of last year? History about to repeat itself? My bags are getting heavier and heavier…”
However, his crystal ball has predicted volcanic activity for ETH. A convergence of Exponentially Moving Averages (EMAs), much like the grinding together of tectonic plates, gives signs of a sudden shift: a bullish uprising is ready to explode from below.
“ETH probably just sit here in spot and don’t do anything. This type of compression means ‘big move coming.’”
Source: Altcoin Sherpa/X
ETH is trading for $2,501 at time of writing.
Thanks for reading Trader Says Major Layer-One Altcoin Unlikely To Repeat 2024-Style Run Updates Outlook on Bitcoin and Ethereum
