While there are remarkable developments in the cryptocurrency markets, popular analyst Altcoin Sherpa announced Solana (SOL) and other altcoin projects that he expects to rise. Addressing his 217,900 followers on the social media platform
Solana's Healthy Market Structure and Expected Rise
Altcoin Sherpa stated that Solana's current market structure is quite solid and emphasized that the price follows a more balanced course compared to the rapid rise in 2021. The analyst added that Solana found strong support at the $130 level and that the overall Bitcoin market is also in a healthier state. Sherpa thinks that Solana will fluctuate in the $120-170 range and enter a strong uptrend in the last quarter of the year. Although Solana, whose current price is $ 136, has decreased by approximately 3% in the last 24 hours, the analyst evaluated these decreases as an opportunity for recovery in the long term.
Bearish Expectations for Celestia
Another cryptocurrency that Sherpa drew attention to is Celestia (TIA). The analyst predicts that Celestia could fall as low as $5.80 at the Fibonacci retracement level and this level could be tested. TIA, whose current value is $6.38, has fallen 7% in the last 24 hours. Sherpa stated that Celestia may test the support level with this decline and has the potential to recover in the long term.
Long-Term Recovery Expectation in Render
Finally, the analyst also gives a positive assessment to Render (RNDR). Sherpa emphasized that Render is in the lower zone of the current market structure, the price is below the 200-day exponential moving average, but finds support at the 0.618 level, an important Fibonacci zone. Predicting that Render may consolidate in the range of $6.10-7.50 and create a long-term bottom in the process, Sherpa stated that the current price is $6.03 and has decreased by 6.7% in the last 24 hours. He thinks that this consolidation process may create a long-term recovery opportunity for Render.
General Market Situation and Future Expectations
Altcoin Sherpa's evaluations reveal the volatile nature of cryptocurrency markets and the critical levels that investors should pay attention to. Analyzes for Solana, Celestia and Render give important clues that these cryptocurrencies can show strong recoveries in the long term despite short-term fluctuations. Sherpa's expectation that Solana will make a strong debut in the final quarter of the year presents an exciting opportunity for investors. Additionally, predictions that Celestia and Render may have the potential to recover in the long term by holding on to certain support levels show that these projects are important assets to follow. However, it should not be forgotten that investors should be careful and examine the projects in depth.
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