The cryptocurrency market is approaching the end of a tough trading week. Meanwhile, a popular analyst is updating price targets for three altcoin assets. These altcoins are Solana, Polkadot and NEAR Protocol, respectively. According to him, it is useful for investors to pay attention to these critical predictions in price movements.
“Watch out for these 3 altcoin projects”
Cryptocurrency analyst by the nickname Altcoin Sherpa has drawn several Fibonacci levels for the smart contract platform Solana. He then told his 182,400 Twitter followers that the altcoin could rise as high as $36.60. However, he added that once it reaches this level, it will decrease. According to him, SOL will fall below $26 after reaching $36.60. The analyst said:
“I think it makes sense to jump around here. However, I think the mid $20s will bounce back after the rise of SOL. You have to be patient about this.”
Solana dropped 14.3% in price from $35.27 to $30.21 in August. Now it is trying to get rid of this bearish pattern. SOL briefly flirted with the $33 level today but is currently trading at $31.48.
“I expect these levels for Polkadot (DOT)”
The next cryptocurrency on the analyst’s radar is Polkadot (DOT). Altcoin Sherpa shared a two-year chart. Next, it identified several potential price targets where $10.36 serves as resistance and $4.50 low:
“I haven’t looked at this crappy cryptocurrency in a while. About $4.50 will come in if things get really bad. If this bottom happens, it will look like a double bottom structure to me.”
As we reported on Kriptokoin.com, Polkadot fell after Fed Chairman Jerome Powell’s comments on tightening monetary policy. This decline hit most asset classes last weekend. However, DOT seems to be taking a step back from the sudden collapse as well. At the time of writing, the altcoin is changing hands around $7.14.
“This altcoin looks good”
The analyst recently examined Ethereum competitor Near Protocol (NEAR). Altcoin Sherpa looked at 4-hour candles for NEAR dating back to mid-July. The famous trader says that NEAR is holding up better than he expected. However, he adds that potential investors are currently testing the upside resistance zone. Therefore, he warns of the possibility of a drop in altcoin price:
“I haven’t looked at this bad coin for a while, it actually looks pretty good. It’s at resistance, so it can’t buy that level. But a breakout or retest would mean a move up to $5. Therefore, it is useful to watch the altcoin.”
Near Protocol has rallied after last week’s price drop. The altcoin was down just 1.05% in 24 hours and was worth $4.35. The price of NEAR posted a spike earlier this week, with the top US crypto exchange Coinbase making the decision to list it.
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