A closely followed crypto strategist is predicting an explosive rally later this year for one Ethereum (ETH) competitor.
Pseudonymous analyst Altcoin Sherpa tells his 215,500 followers on the social media platform X that Solana (SOL) could soar 267% from its current value.
“SOL: averaging into SOL is never a bad idea in my opinion. I think this goes to $500+ later this year. Anywhere from $130-$110 would be a gift (not quite expecting that yet).”
Looking at the trader’s chart, the key Fibonacci levels he is watching closely for a possible retest are $138 and $116.
Solana is trading for $136 at time of writing, down 5.54% in the last 24 hours.
Next up, the trader predicts that two artificial intelligence (AI)-related projects, Fetch.ai (FET) and Render (RNDR), could retrace to lower Fibonacci levels in the near term before going on big rallies.
“Probably going to be some good AI coin deals here in the coming weeks/months if BTC continues to have the current price action of bleeding/chopping. Stuff like FET, RNDR are going to be great buys in my opinion. Start averaging in at the .50 fib and go down to .618 in my opinion.”
Looking at his chart, the trader suggests FET may dip to as low as $1.45.
Looking at his chart, the trader believes RNDR may dip to around the 200-day exponential moving average (EMA) at about $6.
FET is trading for $2.11 at time of writing, down more than 7% in the last 24 hours. Meanwhile, RNDR is trading for $7.95 at time of writing, down more than 7% as well.
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