Solana, Avalanche and Two Other Ethereum Rivals Could Plunge 50% as Bitcoin Plunges Lower, Top Crypto Analyst Warns
A top crypto analyst believes that four of Ethereum (ETH)’s competitors face a bleak future if Bitcoin (BTC) keeps falling.
Pseudonymous altcoin trader Sherpa tells its 176,100 Twitter followers that smart contract-enabled blockchains Solana (SOL), Avalanche (AVAX), Polkadot (DOT), and NEAR Protocol (NEAR) are all losing about 50% of their value from current prices if bitcoin continues to trend down.
“The real halving…
POINT SOL AVAX NEARBY
If BTC takes another leg down, they will drop another 50% from current levels.
I still think we see a short bounce up until then, but these areas of demand are currently being heavily tested.”
Source: AltcoinSherpa/Twitter
Polkadot is currently exchanging hands at $9.76. The analyst then looks at Solana, which is trading at $41.79 at the time of writing.
Altcoin Sherpa is also looking at Avalanche, which currently sits at $22.42.
The dealer then records the NEAR log, which retails for $5.05 at the time of writing.
Bitcoin is currently at $28,730, down more than 28% over the past 30 days.
While altcoin Sherpa is down against its four Ethereum peers, the crypto analyst says TRON (TRX), a blockchain designed as a decentralized storage and distribution platform for social media and digital entertainment content, has some upside potential.
Altcoin Sherpa says if Bitcoin’s price “stabilizes,” TRON could surge over 40% from current levels as the crypto-asset’s founder Justin Sun launches new initiatives.
Sun recently unveiled an algorithmic stablecoin on the TRON blockchain, USDD (USDD), designed to trade one-for-one for the US Dollar. USDD currently has a market cap of around $577 million.
“TRX: One of the few coins to look for longs on; wouldn’t do it in this current range but justin sun is moving his shit higher. If BTC stabilizes, I would expect this to go to $0.12.”
TRON is trading at $0.08 at the time of writing.
Check the price action
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.