A closely followed cryptocurrency analyst commented on the price movements of Ethereum rival Solana (SOL), Axie Infinity (AXS) and a low-value altcoin.
Anonymous analyst Altcoin Sherpa said he believes Solana and blockchain-based gaming platform Axie Infinity are trading close to potential bullish reversal zones after going through several months of downtrends.
“AXS / SOL: I think cryptocurrencies that were already in a bearish trend in November are closer to their bottoms than cryptocurrencies that rose sharply in January. Things like AXS and SOL are lower than those like NEAR.”
The crypto analyst is also closely following NFT marketplace LookRare (LOOKS). According to altcoin Sherpa, LOOKS could potentially drop to $1 after losing more than 85% of its value in a month.
“-$1 psychological level. Buyers seem to be taking action +BTC looks good in the short term.”
At the time of writing, LOOKS was trading at $1.03, slightly above the $1.00 support of Altcoin Sherpa.
Altcoin Sherpa believes the bottom is near for these three altcoins, while Ethereum scaling solution Polygon (MATIC) says it faces heavy downside risks.
“MATIC: It wouldn’t be surprising to see this eventually go up to $1.”
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