A pseudonymous crypto trader says one Ethereum (ETH)-based altcoin is poised for an explosive surge while updating his outlook on Dogecoin (DOGE) and Solana (SOL).
Altcoin Sherpa tells his 10,900 YouTube subscribers in a new strategy session that the decentralized oracle network Chainlink (LINK) could shoot up by as much as 300% from its current price range of $7.61.
He says LINK has remained in an accumulation phase for nearly a year and at some point will make a break to the upside. However, he says it may take months.
“I strongly believe that LINK is actually in accumulation mode. I think that this is going to just continue chopping around for quite some time. And it looks really good, but there’s going to be a large opportunity cost for your money if you are holding LINK. And there’s nothing wrong with that. This is almost guaranteed to do 2-3x when it starts to move…
All the EMAs (Exponential Moving Averages) are all tightened up. The 200-day EMA is equal with all the others. Lots of compression, lots of consolidation, almost an entire year’s worth of accumulation…
It could still take another several months for all we know, could be just more chop, could be more consolidation. And then we move strongly higher.”
Next, the trader predicts DOGE will see continued surges and retraces, such as what occurred earlier this month when tech billionaire Elon Musk switched the Twitter logo with the DOGE logo.
“[DOGE is] really a coin that is going to move off any sort of Elon moves or tweets or any news in that regard. I think that’s what’s going to happen with regard to a lot of the DOGE activity…
If you look back at its old price history, it’s just absolutely crazy where you see these long wicks, these long huge moves and the full retrace. It’s almost an inevitability where this just goes to 2-3x.”
DOGE is worth $0.0886 at time of writing, up 6.2% at time of writing.
Lastly, the crypto trader says Solana’s fundamentals appear strong. He predicts a pullback to the low $20s from its current price of $24.75, before breaking higher to around $32.
“Solana looks good. All these EMAs are all looking really strong. I do believe actually though that this [$26 level] is going to be resistance. It makes sense that this area is resistance too because you can see that price never could break above this level all throughout early ’23. We haven’t really seen price above this level either since the FTX dump where price had that massive move from $30 all the way down to $10.
I think we actually see a pullback. Maybe this year maybe a little higher, but it wouldn’t really surprise me at all to see a slight pullback to the low $20s. And then we eventually break higher.”
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