{"id":1587090,"date":"2022-07-21T18:05:08","date_gmt":"2022-07-21T22:05:08","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/?post_type=station&p=1587090"},"modified":"2022-07-21T23:52:48","modified_gmt":"2022-07-22T03:52:48","slug":"heres-whats-next-for-solana-avalanche-and-one-hot-ethereum-rival-according-to-top-crypto-analyst","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/heres-whats-next-for-solana-avalanche-and-one-hot-ethereum-rival-according-to-top-crypto-analyst\/","title":{"rendered":"Here\u2019s What\u2019s Next for Solana, Avalanche and One Hot Ethereum Rival, According to Top Crypto Analyst"},"content":{"rendered":"
A popular analyst is diving into the price charts for half a dozen crypto assets as the markets rebound from a challenging last few months.<\/p>\n
The pseudonymous trader Altcoin Sherpa tells<\/a> his 180,400 Twitter followers that while he foresees smart contract platform Solana (SOL<\/a>) rising to around $60 as long as Bitcoin (BTC<\/a>) holds up, long term he\u2019s not optimistic about SOL\u2019s strength.<\/p>\n \u201cAlthough I think price is going to $60ish if BTC stays healthy, I think that it\u2019s still very bearish overall.<\/em><\/p>\n If you\u2019re looking for some sort of macro reversal pattern, you\u2019ll probably get a much better entry than current price later [in my opinion].<\/em><\/p>\n Still a good trading opportunity now.\u201d<\/em><\/p>\n Solana has had an impressive week, jumping from $34 to nearly $47 before correcting. SOL is trading for $41.77 at time of writing.<\/p>\n The analyst next examines<\/a> Bitcoin\u2019s exponential moving average (EMA) on 4-hour candles, sharing his belief that BTC might be able to work its way to around $28,000 before prevailing bear-market conditions knock it back down.<\/p>\n \u201cFour-hour EMAs all flipped bullish for the first time since March. I think that this grinds all the way to the high $20,000s, i.e. $28,000, before probably dumping.<\/em><\/p>\n It\u2019s important to remember this is still a bear market.\u201d<\/em><\/p>\n Bitcoin has managed to hold the $20,000 support level for the past week and is currently trading for $23,321.<\/p>\n Regarding decentralized application (DApp) platform and Ethereum competitor NEAR Protocol (NEAR<\/a>), Altcoin Sherpa looks at its price action on 12-hour candles dating back to mid-May while predicting<\/a> NEAR will encounter resistance at $3.08, $4.36, $5.26, $6.40, and $7.63.<\/p>\n NEAR is up by nearly 50% over the past week, jumping from a low of $3.09 on July 13th to a high of $4.61 on Wednesday.<\/p>\n The trader next plots out<\/a> 12-hour candles dating back to the beginning of May to set resistance for the Bored Ape Yacht Club (BAYC) offshoot project ApeCoin (APE<\/a>) at $5.94, $7.63, and $9.67.<\/p>\n ApeCoin also witnessed a recent price surge, jumping from $4.38 on July 14th to a weekly peak of $6.42 on Wednesday before correcting slightly. APE is currently trading for $5.79.<\/p>\n Also on the analyst\u2019s radar is leading smart contract platform Ethereum (ETH<\/a>). Looking at price action on 1-day candles dating back to mid-January, Altcoin Sherpa sees<\/a> ETH encountering resistance at $1,012, $1,281, $1,701, $2,145, and $2,465.<\/p>\n ETH has been on a tear this month, rising 50% from a July 1st low of $1,065 to a $1,602 peak on July 20th. Ethereum is changing hands for $1,535 at time of writing.<\/p>\n Last on Altcoin Sherpa\u2019s crypto watch list is the layer-1 smart contract platform Avalanche (AVAX<\/a>). He examines<\/a> the 12-hour candles dating back to the second week of May and says that AVAX is likely to encounter resistance at $23.51, $27.51, and $36.33. The analyst also points out $55.68 as a potential higher-side resistance level.<\/p>\n Avalanche is currently trading for $23.94.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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