A closely watched cryptocurrency strategist; It has updated its forecast for Solana (SOL) and ApeCoin (APE). He also predicts bearish for the two altcoins. Here are the details…
Altcoin Sherpa reveals profit levels for ETC and OP
Anonymous crypto analyst Altcoin Sherpa told his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) appears poised for a significant pullback after its steep rally over the past few weeks. He announced that he had placed an order to short $39 as a “hedge” in ETC. On the downside, he predicts $33 and $30 declines. He explains that he is buying profits from these levels. At the time of writing, ETC is trading 16 percent above Altcoin Sherpa’s downside target of $30. Altcoin is located at $ 35.80
The next altcoin on the analyst’s list is Optimism (OP), a layer-2 scaling solution for Ethereum (ETH). The crypto strategist believes the OP will witness a deep correction after rising 286 percent in less than three weeks. It points out that the OP, which was traded at $1.55 at the time of writing, is likely to drop to $1.12.
Corrective moves are imminent for Solana too
Looking at Ethereum rival Solana, Altcoin Sherpa says SOL is likely to experience more corrective moves in the coming days. The analyst draws attention to the fact that SOL remains below significant levels. He talked about the importance of $39 for SOL, which was around $35 at the time of writing. The analyst used the following statements for SOL:
To continue, you want to see a higher low around $39. If that level is broken, I think things can get ugly fast. I’m still in a cautious uptrend. If you think things are going up in the medium term, we can open a long position around this level.
Meanwhile, the Solana (SOL) network has encountered an exploit, as we have reported as Cryptokoin.com. Over 8,000 users lost their funds with the seizure of various wallets on the Solana network. Although this is not actually related to Solana, SOL’s price has been negatively affected.
What’s next for BAYC project APE?
The last coin on the trader’s radar is the Bored Ape Yacht Club (BAYC) project ApeCoin. According to altcoin Sherpa, APE is poised for a rally to $10 before any significant pullback. The analyst said, “I am still angry, I could never fully complete my repurchase at the $5 levels. This continues to torment me. However, I am still comfortable with my $5 entries, which are mid/high levels.” APE is changing hands close to $7 at the time of writing.
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