Introduction
In a recent analysis, Altcoin Sherpa, a crypto trader and analyst, shared his insights on Ethereum (ETH) and Solana (SOL), two major cryptocurrencies. Despite the current uncertain state of the crypto market, Altcoin Sherpa expresses bullish sentiment towards Ethereum and predicts a significant rise for the coin in the upcoming year. However, the outlook for Solana is less positive, with potential for a considerable decrease.
Ethereum (ETH)
Prediction
- Altcoin Sherpa predicts a 59% increase in the value of Ethereum, potentially reaching close to $3,000 before it starts correcting.
- Based on his chart analysis, Ethereum could rise above $2,000 in the third quarter of this year, surpass $2,700 in the fourth quarter, before potentially reversing to around $1,250.
- The extent of the pullback will depend on the macro economy, according to Altcoin Sherpa’s analysis. However, his sentiment remains bullish on Ethereum.
Chart Source: Altcoin Sherpa/Twitter
Trading Status
As of the time of writing, Ethereum is trading for $1,890.
Solana (SOL)
Prediction
- Altcoin Sherpa predicts that Solana could face a decrease of around 22% upon reaching a key resistance level.
- Furthermore, the ongoing bankruptcy process of FTX crypto exchange, a significant holder of Solana, might increase the supply of Solana in the market, potentially affecting the coin’s price.
- Despite caution for Solana in the near future, Altcoin Sherpa remains bullish on SOL over the coming years.
Chart Source: Altcoin Sherpa/Twitter
Trading Status
Solana is currently trading at $22, at the time of writing.
Conclusion
While the crypto market continues to trade in a range, some cryptocurrencies seem to have better prospects than others. Analysts like Altcoin Sherpa offer their insights based on careful examination of market trends and data. Traders should keep in mind that predictions are just estimates, and investing in cryptocurrencies always comes with risk.
