Pseudonymous crypto analyst and influencer “Altcoin Sherpa” has recently revealed on social media he believes that Ethereum rivals Binance Coin ($BNB) and Solana ($SOL) will surge in the near future.
In a tweet shared with the analyst’s over 170,000 followers, they noted that a potential trade ideal would be to wait for BNB to “reclaim” the $340 area and to take profit aggressively after the cryptocurrency’s price surges, potentially up to $440.
Altcoin Sherpa noted in their tweet that they see BNB as one of the “strongest altcoins” at the moment. The utility token of leading centralized exchange Binance is at the time of writing trading at around 314 after dipping nearly 6% in the last 24-hour period.
The analyst also pointed to another Ethereum rival, Solana, a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.
Solana’s price dropped along with those of other cryptoassets amid a wider market downturn, with each SOL now trading at around $44, according to CryptoCompare data. Altcoin Sherpa predicted Solana is a “good one to buy around here” for a swing trade, noting that the risk/reward ratio seems “decent at these levels” with a price target of $75.
A swing trade, it’s worth noting, is meant to capture short- to medium-term movements in the price of an asset. The analyst’s idea was based on the price of BTC going to $35,000 or $40,000 “before any new lows.”
As Daily Hodl reports, Altcoin Sherpa also looked at a final Ethereum rival, Fantom ($FTM), suggesting the cryptocurrency’s price could “squeeze higher before dumping more.” FTM dropped over 90% from its all-time high and has been steadily dropping.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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