Renowned crypto strategist Altcoin Sherpa has hinted that a competitor to Ethereum (ETH) is on the rise following a retest of the $120 mark last week. With a substantial following of 217,700 on X, Altcoin Sherpa expresses optimism about Solana (SOL), noting its potential for further growth after showing strength by maintaining the 200-day exponential moving average (EMA) as a support level.

In a recent social media update, Altcoin Sherpa shared, “SOL: I didn’t trade this… I think SOL looks good for higher though.” Solana is currently priced at $140, marking an 8.5% decrease in the past 24 hours.

The analyst then shifts focus to Bitcoin (BTC), highlighting the absence of a clear trend while it hovers around $60,000. Bitcoin’s price range is constrained between $56,544 and $73,794, with uncertainty prevailing. Altcoin Sherpa advises caution, stating, “BTC: still seeing the same type of choppy price action, no real conclusive trend yet in my opinion.” Bitcoin is valued at $60,157 presently, experiencing a minor decline of nearly 3% in the last day.

Taking a bearish stance, Altcoin Sherpa analyzes Polkadot (DOT)’s performance, describing the chart as unfavorable. Projecting potential movements, the trader suggests a bounce above $7 followed by a decrease to around $6.40 on the daily chart. DOT is currently trading at $6.04, reflecting an approximate 8% drop in the previous 24 hours.

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Please note that the content reflects the opinions expressed by Altcoin Sherpa and is not to be considered investment advice. Investors are advised to conduct thorough research before engaging in high-risk financial activities involving Bitcoin, cryptocurrencies, or digital assets. All trading decisions and potential losses are the sole responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any virtual currencies or assets, and is not an investment advisory service. Be aware that The Daily Hodl engages in affiliate marketing activities.

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