Renowned crypto analyst Altcoin Sherpa believes Aave (AAVE), a leading decentralized finance (DeFi) altcoin, is on the verge of substantial upward momentum. Addressing his 215,400 followers on social media platform X, the strategist noted that AAVE has been trading within a specific range and is poised for a breakout soon.
What Are the Expectations for AAVE?
Sherpa indicated a strong move for AAVE is imminent, reflecting on his previous trading experience on September 8. He emphasized the need to monitor Bitcoin’s movements closely to anticipate AAVE’s next steps. Currently, AAVE trades at $137, marking an 11% increase in the past 24 hours.
Will SUI and Solana Compete?
The analyst also expressed confidence in Sui (SUI), a competitor to Solana (SOL). Sherpa suggested that SUI might drop to the Fibonacci retracement level of $0.87, presenting a potential entry point for bullish traders. As of now, SUI stands at $0.91, showing a slight decline over the last 24 hours.
Optimistic Outlook for FET’s Rise
Altcoin Sherpa predicted that the Artificial Super Intelligence Alliance (FET) could continue its upward trend. He pointed out that FET had made a significant move on September 8 and believes this rise could persist, suggesting taking some profits around $1.21. FET is currently trading at $1.16, reflecting a 9% increase in the past 24 hours.
Key Insights
Analyst Altcoin Sherpa’s insights offer valuable conclusions:
- AAVE is set for a strong upward movement, with Bitcoin’s performance being a crucial factor.
- SUI could present a buying opportunity if it drops to $0.87.
- FET shows potential for continued gains, with a reasonable profit-taking target at $1.21.
As the cryptocurrency markets remain volatile and uncertain, analysts’ forecasts and market trends are essential for investors. However, it is imperative for investors to exercise caution and conduct thorough research before making any investment decisions.