Altcoins
Trader Says Top 10 Altcoins Will See Strong Q4 Gains, Updates Outlook on Celestia and Render
A popular cryptocurrency trader and analyst believes that Ethereum (ETH) his rival is preparing to finish strongly in 2024.
The pseudonymous analyst known as Altcoin Sherpa tell her 217,900 followers on social media platform X that Solana (GROUND) has a healthy market structure and predicts a breakout of the top 10 altcoins before the end of the year.
“SOL looks more like the green box than the red box in my opinion. The main reason is that:
- The previous price action (the run from $20 to $200 looked very different in 2021 compared to 2024).
- More defense of key levels this time, i.e. $130.
- Overall, the Bitcoin (BTC) market is obviously in a much healthier situation.
So yeah, I still think SOL is healthy overall here. While something like $100 could still happen if there’s a move higher, I still expect the price to mostly hover around $120-$170 for a while, then a big move higher in Q4. In other words, I don’t think it’s “over.”
Source: Altcoin Sherpa/X
Solana is trading at $136 at the time of writing, down nearly 3% in the past 24 hours.
Then the analyst said that the native asset of the Celestia modular blockchain network (TIA) could retest a Fibonacci retracement level at $5.80, down more than 9% from the current value.
“TIA: I would like to fill in the green box, I am remaining patient for now.”
Source: Altcoin Sherpa/X
TIA is trading at $6.38 at the time of writing, down nearly 7% in the past 24 hours.
Finally, the analyst said this rendering (RNDR), the graphics processing unit (GPU) that powers blockchain, could form a market bottom and could begin to consolidate in a range between $6.10 and $7.50.
“RNDR is still below the 200-day exponential moving average (EMA), but in a key Fibonacci region at .618. More volatility between here and $7.50 seems reasonable to form a longer-term floor.”
Source: Altcoin Sherpa/X
Render is trading at $6.03 at the time of writing, down 6.7% in the past 24 hours.
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