With optimism returning to the cryptocurrency market, fueled by the rise of BTC along with the anticipation of the launch of a BTC spot ETF, many traders are evaluating the possibilities of the broader altcoin market that is also benefiting from the appreciation. in Bitcoin.
One of the analysts, known for his optimism in ‘alternative’ cryptocurrencies, is Altcoin Sherpa. According to him, the three cryptocurrencies in particular have bullish setups and could rise by 50% in the short term.
Sherpa predicted in the first half the rise of memecoin PEPE, which shocked the market and renewed the fever of meme-based cryptocurrencies. According to him, in the case of Solana (SOL), the crypto asset can rise more than 25% in the short term.
“SOL: I still think that the lower level will happen when the total supply of Solana hits the market via FTX, but until then, it looks very stable. It may continue to rise in $50,” he said.
Looking at the chart, the trader suggests that SOL may fall below $26.79 after retesting the level around $50.
Avalanche and Bitcoin
The second cryptocurrency on the analyst’s radar is Avalanche, which he says has less room to rise than Solana because it will encounter strong resistance at the 200-day EMA (exponential moving average) or the $12.40 area.
“I’m optimistic until that point, where I expect a correction,” he said.
The trader also analyzed Ethereum against Bitcoin (ETH/BTC) and predicted that a correction will continue until a key level is reached.
“I think that the opportunity to buy altcoins is getting better every day. It seems that the probability that the 0.048 BTC area will be marked for the ETH/BTC pair is increasing. We expect November to be a good time to buy good alternatives very much in December/January,” he said.
Finally, the trader emphasized that SushiSwap’s SUSHI token is improving and competing with the main cryptocurrencies in the market. Expect a pullback after reaching a key level.
“SUSHI: why did it rise? Gallant. I won’t buy here, but keep an eye on it. “$0.92 to $1 should be a retreat point.”