Solana Poised for Big Rally, as Analyst Forecast Significant Profits for SOL and Other Altcoins

The popular cryptocurrency analyst Altcoin Sherpa has recently shared their latest forecast for Solana (SOL) and the other two altcoins. It gives insight on substantial growth for these alternative tokens by the year’s end, thereby given their current market dynamics.

Solana (SOL)

Altcoin Sherpa asserts that the current market structure of Solana is robust and compares it favourably to the rapid price increases witnessed in 2021, particularly between the $20 and $200 levels. Emphasizing the balanced defense being displayed by Solana, Sherpa believes the cryptocurrency has established strong support around the $130 level, which is crucial for sustained growth. Furthermore, the overall condition of the Bitcoin market is healthy, which could provide additional uplift to Solana’s performance.

Sherpa forecasts that Solana will undergo fluctuations within the $120 to $170 range before commencing a strong upward trend in the final quarter of the year. Despite the current price of Solana at $136, reflecting a nearly 3% decrease in the last 24 hours, Sherpa perceives these downturns as long-term buying opportunities.

Celestia (TIA)

Sherpa also presents a bearish outlook for Celestia, predicting a potential decline to around $5.80 based on Fibonacci retracement levels. Currently valued at $6.38 and having experienced a 7% drop in the past 24 hours, Sherpa suggests that this dip may test the support level he refers to as the “green box,” recommending patience for this level to solidify. Nevertheless, Sherpa remains optimistic about Celestia’s long-term recovery.

Render (RNDR)

Altcoin Sherpa provides a positive outlook for Render, a GPU-based blockchain platform, indicating that it is currently positioned at the lower end of its market range and below its 200-day EMA. Despite this, Render has found support at an essential Fibonacci level of .618. Sherpa projects that Render will consolidate within the $6.10 to $7.50 range, establishing a long-term bottom within this span. With the current price of Render standing at $6.03, reflecting a 6.7% decline in the last 24 hours, Sherpa views this consolidation phase as a potential opportunity for long-term recovery.

Conclusion

In conclusion, Altcoin Sherpa’s assessments underscore the volatility of the cryptocurrency market and emphasize the crucial levels investors should monitor. Despite recent short-term fluctuations, Sherpa’s analysis points to promising long-term recoveries for Solana, Celestia, and Render. Solana is expected to see strong growth in the last quarter of the year, presenting an enticing opportunity for investors. Moreover, Celestia and Render could offer profitable prospects in the long term by maintaining their respective support levels. As per the analyst, tracking the market movements of these noteworthy cryptocurrencies could yield significant returns in the long run, reiterating the importance of meticulous market analysis and strategic investment practices.

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Kayode Oke Michael

Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.

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