A well-known analyst in the cryptocurrency markets has disclosed the altcoins in his portfolio and issued a warning about a meme token based on Solana (SOL). Here’s the analyst’s evaluation of altcoins!
A professional crypto analyst, known by the pseudonym Altcoin Sherpa, shared on social media platform X that the token named Bonk (BONK) could experience a significant drop after rising for some time. However, he compared investing in a meme token to “jumping in front of a fast-moving train” and advised investors not to use leverage. In his statements, the analyst said:
“BONK: This situation will continue to accelerate until it hits some sort of peak. I entered a few days ago and am still trading. I took half yesterday and will continue to take profits during this journey. Remember, it will eventually fall even further.”
According to the analyst, the BONK token could drop to previous support levels of $0.0000110 or $0.00000752. At the time of writing, BONK has seen a 980% increase since November 8, trading at $0.00001232.
The crypto analyst then updated his outlook on the smart contract platform Solana and predicted another move for the competitor to Ethereum (ETH). The expert said, “SOL: There is an exit here, I like to see this. Next up is $80 (definitely should come) and after that, the next key level I’m looking at is $116. It continues to be one of the strongest tokens in the market,” he said. Solana is trading at $73.10, up 11.6% in the last 24 hours as of the time of writing. Lastly, the analyst points out that the layer 1 blockchain Avalanche (AVAX) could experience a rise of more than 42% from its current value.