An experienced cryptocurrency trader, known as Altcoin Sherpa, is feeling optimistic about a major Ethereum competitor, believing that the altcoin is still on an upward trajectory.
Altcoin Sherpa, who has a large following on the social media platform X, shared with his 238,400 followers that Solana (SOL) is set to reach new heights in the coming weeks and months.
However, the analyst cautions that Solana’s success is dependent on Bitcoin (BTC) remaining stable. Analysts suggest that any potential dip in Solana’s price could present a good buying opportunity.
According to the trader’s analysis, SOL is expected to encounter resistance levels at $228, $243, and $264. Currently, Solana is trading at $198.
Another cryptocurrency on Altcoin Sherpa’s radar is the native token of the decentralized financial platform Hyperliquid (HYPE). The analyst predicts that HYPE could see a 129% increase from its current value before the current market cycle ends.
“While not extremely bullish in the short term, I still believe HYPE will surpass $50 before the end of the cycle.”
Currently, HYPE is trading at $21.85.
Regarding the overall cryptocurrency market, Altcoin Sherpa believes that there is still room for significant price increases in this cycle.
“We have not seen the level of euphoria that typically marks the top of a market cycle. While there are factors like dilution and concentrated pumps, I do not think we have reached the peak yet.”
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Image Credit: Midjourney