As markets try to recover from the hard sell, a popular crypto analyst examines the charts of 4 altcoin projects he sees as potential. Another crypto analyst explains why he believes Solana (SOL) is still Ethereum (ETH)’s top competitor.
First, there is the leading altcoin, Ethereum
Pseudonymous analyst altcoin Sherpa says that leading smart contract platform Ethereum (ETH) has already fallen to January lows in the $2,100 area:
An interesting observation for Ethereum is that it is at its lowest in January; Something Bitcoin (BTC) has already cracked. While BTC is closer to the May lows, ETH is still well above those levels.
Ethereum rallied from today’s low to $2,334 after hitting $2,170 on the day.
It continues with the analyst Polkadot
The analyst then looks at the Polkadot (DOT) cross-chain interoperability protocol and sets an entry target of under $6:
$6 comes in when this level is lost. At least it looks like a good long scalp.
Polkadot traded above $16 a week ago but fell below $11 before recovering somewhat. The DOT is currently trading at $10.08, down 12.47% in the last 24 hours.
The next altcoin is Avalanche (AVAX)
The graphics guru then moves to the Tier 1 smart contract platform Avalanche (AVAX). This altcoin was also above $68 on May 5 and made a big jump below $42 a few days later. Altcoin Sherpa now looking to collapse:
Seems like a good buy. 1W hit old all-time highs.
At the time of writing, Avalanche was changing hands at $34.75, down 25.11% daily.
Analyst focuses on Cosmos (ATOM)
Altcoin Sherpa then assesses the scalability and interoperability ecosystem Cosmos (ATOM), focusing on the crypto-asset that capitulates at $10 when Bitcoin (BTC) also fluctuates:
If BTC sees another drop, it seems possible to drop below $10 in the coming weeks. But this area should provide some support.
Cosmos also moved in line with the crypto market today, recovering somewhat after hitting $9.75. However, at the time of writing, it was trading at $11.85, down 16% daily.
Altcoin Sherpa finally looks at leading cryptos
The analyst concludes the tweetstorm by highlighting the $30,000-$35,000 range as Bitcoin’s current support range.
This remains a support area for now, I’m starting to fill in some offers. There is too much uncertainty surrounding the macro to assume it has bottomed out yet. From a standalone perspective (technical analysis), the next level would be around $23,000, followed by $20,000 by volume profile.
BTC has lost about 25% over the past week, giving up $40,000 and even falling below $30,000 on the day. At press time, Bitcoin is up 1.50% over the past 24 hours and is valued at $31,424.
What are the advantages of Solana over Ethereum?
InvestAnswers anonymous server says the “Day One Thesis” is SOL’s Ethereum hedge as it sees Solana as the only potential “ETH killer.” The analyst notes that SOL has less than 1/12 of ETH’s market cap but “does a lot”. The analyst also summarizes Solana’s potential advantages over Ethereum:
The strength of Solana and the reason I still love it is that it has the widest range of DApps of any blockchain. They have an exponential take. Fast, cheap, scalable. Despite the interruption.
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