{"id":3589,"date":"2024-06-21T15:40:34","date_gmt":"2024-06-21T15:40:34","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/06\/21\/trader-says-solana-based-altcoin-thats-up-over-1200-in-six-months-headed-lower-updates-outlook-on-bitcoin\/"},"modified":"2024-06-21T15:40:34","modified_gmt":"2024-06-21T15:40:34","slug":"trader-says-solana-based-altcoin-thats-up-over-1200-in-six-months-headed-lower-updates-outlook-on-bitcoin","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/06\/21\/trader-says-solana-based-altcoin-thats-up-over-1200-in-six-months-headed-lower-updates-outlook-on-bitcoin\/","title":{"rendered":"Trader Says Solana-Based Altcoin That\u2019s Up Over 1,200% in Six Months Headed Lower, Updates Outlook on Bitcoin"},"content":{"rendered":"
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A closely followed crypto strategist believes that one red-hot altcoin project is on the verge of collapse.<\/p>\n

Pseudonymous analyst Altcoin Sherpa tells<\/a> his 217,600 followers on the social media platform X that dogwifhat (WIF<\/a>) may have yet to find a market bottom.<\/p>\n

\u201cWIF: decent area overall, I expect a bounce. But I don\u2019t really think this is the overall bottom. Strong retrace overall and expecting lower.\u201d<\/em><\/p>\n

\"Image\"
Source: Altcoin Sherpa\/X<\/figcaption><\/figure>\n

Looking at his chart, the analyst suggests that WIF could bounce to around $2.50 before dropping down to the Fibonacci retracement level at $1.26.<\/p>\n

WIF was trading for $0.148 on December 20th and at time of writing is worth $2.01, a gain of 1,258%.<\/p>\n

Next up, the analyst says<\/a> that Bitcoin\u2019s (BTC<\/a>) price action on the daily chart is hovering in the middle of a trading range and he is waiting for a trend confirmation.<\/p>\n

\u201cBTC: keep your charts simple and just relax. EQ (equilibrium price) generally not the spot you want to actively trade at, but let\u2019s see what happens.\u201d<\/em><\/p>\n

\"Image\"
Source: Altcoin Sherpa\/X<\/figcaption><\/figure>\n

Bitcoin is trading for $64,922 at time of writing, up slightly in the last 24 hours.<\/p>\n

The analyst also suggests<\/a> that today\u2019s crypto market today is comparable to the crypto cycle in late 2020,\u00a0 when alts, including Solana (SOL<\/a>), declined further before taking off on massive rallies.<\/p>\n

\u201cI keep quoting this thread because I think it\u2019s highly relevant to today. I think we\u2019re somewhere in the yellow boxes currently. Most alts probably have a bit more downside to go and I\u2019m more waiting for BTC to be in a super healthy state before alts start to move.\u201d<\/em><\/p>\n

\"Image\"
Source: Altcoin Sherpa\/X<\/figcaption><\/figure>\n

Solana is trading for $133 at time of writing, down more than 2% in the last 24 hours.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

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