A well-known trader and analyst, operating under the pseudonym Altcoin Sherpa, is optimistic about the future of a large-cap altcoin despite a marketwide correction.

Altcoin Sherpa, with a following of 217,300 on the social media platform X, believes that the native token of layer-1 blockchain Toncoin (TON) is currently in a strong uptrend, having reached an all-time high of $8.25 on June 14th. He expressed confidence in the strength of TON’s chart, stating, “This still looks incredibly strong… TON: still one of the strongest charts in crypto.”

Toncoin is currently trading at $8.10, showing an increase of over 3% in the last 24 hours. However, Altcoin Sherpa warns that Solana (SOL) may be at risk of a decline against Ethereum (SOL/ETH). Despite acknowledging Solana as a strong retail chain, he is concerned about the current market conditions. He stated, “SOL: although I still think Solana is a great retail chain, the current celeb meta is not healthy at all in my opinion. I think that this chart looks pretty scary and that ETH still probably will continue to outperform for this next stretch.”

SOL/ETH is currently trading at 0.0409 ETH ($142), down more than 4.6% in the last 24 hours. Altcoin Sherpa’s analysis suggests that SOL/ETH could drop to 0.039 ETH ($135).

Turning his attention to the graphics processing unit (GPU) rendering blockchain Render (RNDR), the analyst believes that RNDR could retest the Fibonacci retracement level at $6.03. He mentioned, “RNDR: good project but I wouldn’t start scaling in until $7ish or lower. Could be a good buying area there.”

RNDR is currently trading at $7.94, showing a decrease of more than 4% in the last 24 hours. Lastly, Altcoin Sherpa predicts that Ethereum will reach new all-time highs. He expressed confidence in ETH’s potential for growth, stating, “ETH to ATH is still inevitable. I don’t know when or how it gets there but this supply zone is going to break eventually. Still seems like a guarantee and a fairly safe trade you can take (as long as you can eat the short-term drawdown).”

Ethereum is currently trading at $3,479, slightly up in the last 24 hours. ETH previously reached an all-time high of about $4,900 in November 2021.

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