A top analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one artificial intelligence (AI)-related altcoin is gearing up to rally to a fresh record high.
Pseudonymous analyst Pentoshi tells his 756,300 followers on the social media platform X that he’s bullish on the native asset of Render (RNDR), a crypto project that aims to provide a decentralized marketplace for Graphics Processing Units (GPUs).
The project, which recently migrated to Solana (SOL), now uses its GPU network to give users the required compute power to complete tasks in the AI field such as machine learning training.
According to Pentoshi, RNDR is on the cusp of breaching its all-time high of $8.78, which it recorded in November 2021.
“I do think it will enter price discovery in the very near future, but would not be surprised to see it consolidate and correct for a few weeks first. The middle of this larger range likely a good area to buy and something Ill be keeping an eye on.”
At time of writing, RNDR is worth $7.32.
Another altcoin on the trader’s radar is the leading smart contract platform Ethereum (ETH). According to the analyst, the speculation surrounding the possibility of getting a spot market Ethereum exchange-traded fund (ETF) could send ETH close to $3,500.
“As we get closer to the ETF dates, more people should speculate. Approval or not doesn’t matter, just that they participate.”
At time of writing, ETH is worth $3,144, up over 2.8% in the last 24 hours.
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