Popular crypto analysts evaluate the macro environment after the Fed meeting. Twitter analyst nicknamed Altcoin Sherpa is warning on BTC, SOL and Apecoin.
Altcoin Sherpa shares altcoins that it expects to drop
Popular analyst Sherpa is updating its price analysis for 3 altcoins as the markets cool. Sherpa says in his recent tweets that the trend so far for Bitcoin in 2002 has been to drop further after each consolidation event, so he plans to move forward cautiously in the days ahead.
Lower levels await SOL price according to Altcoin Sherpa
The next cryptocurrency on the analyst’s radar is Solana (SOL). Altcoin Sherpa expects a range of around $30-$32 in SOL price despite reaching a price peak recently. The analyst says the lack of buyers in the support zone strengthens this possibility:
It is the first peak of the months, but the low needs to be maintained to be considered bullish [market structure] on the lower timeframes. It honestly doesn’t look great; All 4-hour EMAs are bearish. The low $30 may be the next support area.
Last on the graphics guru’s watchlist is Bored Ape Yacht Club (BAYC) side project ApeCoin (APE). With the bearish bias in the 1-day candles, the analyst draws a few Fibonacci levels where the APE could pull off some quick rallies:
The 1-day is still a bearish market structure, but I think the areas ahead are interesting for short-term bounces.
Analyst Motiur Rahman follows AVAX and SOL closely
Solana has been on the decline for the past few months, as we covered in the cryptokoin.com analysis. However, many analysts are optimistic that Solana has the potential to do well in the future. Motiur Rahman, one of the analysts with this view, says NFTs are one of the key factors that will drive Solana’s growth.
One of Solana’s catalysts is SolSea, a Solana-based NFT platform. Although SolSea has been on the market for a while, it has recently changed its brand. Meanwhile, he shared the details from the 2022 roadmap. Relaunched SolSea’s plans include turning the platform into a YouTube for NFTs.
This dream can easily be fulfilled as Solana has low fees making it advantageous for anyone looking to start NFT. This is because there is a strong chance that most people looking to start NFTs will consider Solana in particular going into the future.
Avalanche (AVAX)
AVAX remains one of the largest blockchains today, thanks to its high speeds and security. Avalanche can process up to 4500 transactions per second. At the same time, it has never had a real security problem to date.
Also, the Avalanche team is working hard to drive adoption, which is a plus for long-term adoption. For example, in August 2022, the Avalanche team will be in South Korea to help with Web 3.0 adoption.
Given the potential of Web 3.0 to redesign the web, Avalanche has an advantage over other blockchains. Also, Avalanche positions itself for infinite scalability by introducing subnets.
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