Analysis

Altcoins Are Starting To Revolt After Bitcoin Recovers

Bitcoin has seen a significant bounce from the bottom of $17,600 last week. However, the reversal of the altcoins makes us even more shocked.

Altcoin analyst Sherpa says SOL will outperform most cryptocurrencies in the current cycle. According to Sherpa, the native token of popular smart contract platform Solana may outperform other altcoins depending on Bitcoin’s price movements.

He emphasized he doesn’t know how high the SOL can go but hopes to break through resistance at around $40 and fall back when it hits $50. At the time of writing, SOL is trading for $41.16.

SOL daily chart. Source: CoinCu

Another cryptocurrency that Altcoin Sherpa is optimistic about is MANA. The analyst says the virtual reality platform is recovering from bottoming out. This altcoin is currently trading for $0.94 from a low of $0.74 in June.

MANA daily chart. Source: CoinCu

He then shared his forecast for the Metaverse APE token. According to him, the token created for the Bored Ape Yacht Club NFT community could reverse the downtrend at $6. APE currently costs $4.5.

APE daily chart. Source: CoinCu

As for Bitcoin, the analyst thinks that the bearish market structure remains active in the high time frame. At the time of writing, BTC is changing hands at $21,260.

BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.