A prominent cryptocurrency analyst, known for his keen market insights, has recently indicated that a competitor to Ethereum (ETH) is on the rise, having revisited the $120 mark just last week. The incognito expert, Altcoin Sherpa, shared with his substantial following of 217,700 on social media platform X that Solana (SOL) seems poised for further growth after successfully maintaining the 200-day exponential moving average (EMA) as a foundation.

“Regarding SOL: I haven’t engaged in trading this one… Nonetheless, I’m optimistic about SOL’s prospects for climbing higher.”

Credit: Altcoin Sherpa/X

Currently, Solana’s market price stands at $140, reflecting an 8.5% decrease over the past day.

Moving on, Altcoin Sherpa has commented that Bitcoin (BTC) remains in a state of flux, with its price movement hovering around the $60,000 mark. The cryptocurrency has been oscillating within a bracket, capped at $73,794 on the upper end and $56,544 on the lower end.

“Concerning BTC: The market continues to exhibit erratic fluctuations, with no definitive trend emerging as of yet. The 200-day EMA is still in proximity to the lower boundary of the range, and presently, there’s a lack of indicators on the shorter time frames that would hint at a turnaround. In my view, it’s advisable to maintain a neutral stance for the time being.”

Credit: Altcoin Sherpa/X

At the moment of reporting, Bitcoin is valued at $60,157, marking a nearly 3% decline within the last 24-hour period.

In a shift of sentiment, the analyst now adopts a pessimistic outlook on the layer-2 scaling solution, Polkadot (DOT), stating:

“The chart for DOT remains… decidedly unimpressive, to say the least.”

Credit: Altcoin Sherpa/X

Analyzing his chart, the trader postulates that DOT might surge above $7 before potentially retracting to the $6.40 level on the daily chart.

At present, DOT is priced at $6.04, witnessing a close to 8% fall since the previous day.

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Disclaimer: The views expressed on The Daily Hodl do not constitute financial advice. Investors are encouraged to conduct their own research prior to engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to note that your transactions and trading activities are your sole responsibility, and any resulting losses are yours to bear. The Daily Hodl does not advocate for the purchase or sale of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Additionally, The Daily Hodl is involved in affiliate marketing programs.
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