Solana
Crypto Trader warns that Bitcoin is not yet “out of the woods” and charts the path forward for Solana and Ethena
A closely followed crypto strategist warns that Bitcoin (BTC) may not have been fixed yet.
Pseudonymous Altcoin Analyst Sherpa tell his 215,800 followers on social media platform X that only after Bitcoin reclaims the $60,000 level will he have more confidence in a bullish reversal.
“BTC: I don’t think we’re out of the woods yet. We still need to recover some levels. [May 2nd’s] Altcoin action is nice but I wouldn’t go all in at these current levels. Wait for BTC to show more strength first and break above $60,000 in my opinion.
Source: Altcoin Sherpa/X
The analyst also said that Bitcoin’s sudden drop below $58,000 this week is similar to other corrections this cycle. He shares a chart showing when Bitcoin fell from $47,000 to below $39,000 in January before continuing its rise.
“BTC: For what it’s worth, this price action is completely normal and there is a lot of volatility as the lows form. I’m not necessarily saying it’s “rock bottom”, but it’s common to see. I expect more chop/etc. over the next few days. Don’t let yourself be reduced to shit.
Source: Altcoin Sherpa/X
Bitcoin is trading at $59,389 at the time of writing, up 2.5% in the last 24 hours.
Then the analyst said this Ethereum (ETH) competitor Solana (GROUND) could correct in the short term up to $116 based on its chart of Fibonacci retracement levels, but could rebound within a few months.
“SOL: You just set a dollar average and don’t worry about it. wait there for up to 12 months, then sell it for more.
Source: Altcoin Sherpa/X
Solana is trading at $139.15 at the time of writing, up more than 4% in the last 24 hours.
Finally, the analyst said says that the governance token of the decentralized finance protocol Ethena (ENA) looks likely to continue its bullish momentum after retesting the Fibonacci retracement level at $0.76.
“ENA: I came out of that one but I think it looks solid. .618 Fibonacci + support/resistance level and the market looks okay.
Source: Altcoin Sherpa/X
Ethena is trading at $0.80 at the time of writing, up 1% in the last 24 hours.
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