- Altcoin Sherpa predicted that Solana (SOL) will soon break its all-time high.
- The analyst ended his position in Toncoin (TON) due to “too much uncertainty.”
- The analyst said that shitcoins are facing bearish pressure.
Crypto analyst Altcoin Sherpa predicts Solana (SOL), the fifth-largest cryptocurrency by market capitalization, will reach a new all-time high once the market rallies and establishes a new bullish trend.
In a post on X, Altcoin Sherpa advised his 220K followers that current SOL levels are not an attractive entry point and potential investors should wait for the altcoin to surpass the $165 price level. However, the analyst forecasts that in the long term, the cryptocurrency will exceed its all-time high of $260.06 set on November 7, 2021, during the last bull run.
According to CoinMarketCap data, SOL is trading at a price of $159.09, down 38.89% from its ATH. The cryptocurrency is up 7.34% in the past week but is down 12.73% in the last 30 days. Since August 2023, SOL has seen a remarkable rise of 681.89%.
On the other hand, Altcoin Sherpa expressed reservations about investing in Toncoin (TON), the tenth-largest digital asset by market cap. The analyst had previously invested in the cryptocurrency but closed his position due to “too much uncertainty,” stating he wasn’t “a huge fan of the price action either.”
Altcoin Sherpa believes TON could revisit the $6.5 price level, but he prefers to avoid the volatile digital asset for now. As per CoinMarketCap data, TON is trading at $5.41, down 6.12% in the past 24 hours. TON is down 21.30% in the past week and 18.92% in the last 30 days.
In another X post, Altcoin Sherpa talked about “shitcoins,” adding that they are in a critical zone and increasingly volatile. The analyst said:
”Either you go in early + eat drawdown or you go in later and miss the first move. Pick your poison.”
According to the crypto analyst, many sh*tcoins are currently experiencing increased selling pressure and have bearish market structures. Altcoin Sherpa recommended that investors wait for a market breakout before investing.
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