Crypto Trader Predicts Bitcoin (BTC) Rally In Coming Weeks, Says Solana (SOL) And ApeCoin (APE) Ready For Bounce
A popular analyst is digging the charts to see if a diverse trio of crypto assets could be primed for rallies.
Pseudonymous crypto trader altcoin Sherpa is telling his 174,200 Twitter followers that he believes the leading cryptocurrency can surpass $55,000 if Bitcoin (BTC) maintains its trend of higher lows from late February.
“As long as these lows are sustained and we still see higher lows, I think the bullish market structure is still intact.
Still thinking 55,000+ in the coming weeks.”
Source: Altcoin Sherpa/Twitter
At the time of writing, Bitcoin is down 4.83% and is trading at $38,326. BTC has not broken above $50,000 since December 27 of last year.
Next, the pseudonymous trader looks at the Solana (SOL) layer-1 blockchain protocol on the perpetual futures chart from early March.
After Solana corrected sharply following a rally in early April, Sherpa believes the smart contract platform is bottoming ahead of another breakout along with Bitcoin.
“I still think this forms a bottom.
I expect more chop and then another uptrend as BTC goes.”
Solana is currently down 3.58% for the day and is trading at $96.99. SOL is down 44.6% from a monthly high of $140.30 on April 2.
Altcoin Sherpa is also eyeing ApeCoin (APE), a crypto asset developed by Yuga Labs, founders of the popular Bored Ape Yacht Club (BAYC).
While ApeCoin has seen a series of rallies since its March 17 launch, the chart guru says traditional technical analysis (TA) doesn’t really work when applied to assets like APE. He prefers to measure the sentiment of the population and apply broader fundamental analysis (FA) instead.
“TA normally cannot be applied to these types of coins; more look at the momentum and related general FA.
Personally I wouldn’t short it out, just start it when it comes down. Would consider charging $17.80 as a scalp.”
ApeCoin has seen two dramatic price increases in the last 10 days. It initially surged 43.9% from $11.68 on April 17 to $16.81 on April 20 before correcting.
After slowly working its way back up, APE next tumbled 15.5% from $16.79 on April 24 to $19.40 a day later. The altcoin is trading at $18.23 at the time of writing.
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