Trader Says Solana-Based Altcoin That’s Up Over 1,200% in Six Months Headed Lower, Updates Outlook on Bitcoin

A intently adopted crypto strategist believes that one red-hot altcoin mission is on the snapping point.

Pseudonymous analyst Altcoin Sherpa tells his 217,600 followers on the social media platform X that dogwifhat (WIF) might have but to discover a market backside.

“WIF: decent area overall, I expect a bounce. But I don’t really think this is the overall bottom. Strong retrace overall and expecting lower.”

Supply: Altcoin Sherpa/X

his chart, the analyst means that WIF may bounce to round $2.50 earlier than dropping right down to the Fibonacci retracement degree at $1.26.

WIF was buying and selling for $0.148 on December twentieth and at time of writing is value $2.01, a achieve of 1,258%.

Subsequent up, the analyst says that Bitcoin’s (BTC) worth motion on the day by day chart is hovering in the center of a buying and selling vary and he’s ready for a pattern affirmation.

“BTC: keep your charts simple and just relax. EQ (equilibrium price) generally not the spot you want to actively trade at, but let’s see what happens.”

Supply: Altcoin Sherpa/X

Bitcoin is buying and selling for $64,922 at time of writing, up barely in the final 24 hours.

The analyst additionally suggests that immediately’s crypto market immediately is similar to the crypto cycle in late 2020,  when alts, together with Solana (SOL), declined additional earlier than taking off on large rallies.

“I keep quoting this thread because I think it’s highly relevant to today. I think we’re somewhere in the yellow boxes currently. Most alts probably have a bit more downside to go and I’m more waiting for BTC to be in a super healthy state before alts start to move.”

Supply: Altcoin Sherpa/X

Solana is buying and selling for $133 at time of writing, down greater than 2% in the final 24 hours.

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