A popular altcoin trader is predicting rallies for Binance Coin (BNB) and two Ethereum (ETH) challengers including Solana (SOL).
Pseudonymous crypto strategist Altcoin Sherpa tells his 176,000 Twitter followers that BNB, the utility token of crypto exchange Binance, is one of the strongest altcoins in the market right now.
“BNB: Trade idea, wait for a reclaim of the $340 area and take profit aggressively, likely at $380, $400, and $440 if it comes.”
At time of writing, BNB is changing hands for $328, up nearly 3% in the last 24 hours.
Next up is smart contract platform Solana, which Altcoin Sherpa says is poised for a 53% rally as long as Bitcoin (BTC) comes to life.
“I think that Solana is a good one to buy around here as a swing trade. Some notes:
-This is mostly on the idea that BTC goes to $35,000-$40,000 before any new lows
-SOL NFTs [non-fungible tokens] are doing well still
-Risk:reward still seems decent here at these levels, target $75.”
At time of writing, Solana is valued at $49.38, above Altcoin Sherpa’s support level of $48.64.
The last coin on the trader’s radar is fellow Ethereum competitor Fantom (FTM). According to Altcoin Sherpa, FTM is gearing up for a rally after losing nearly 90% of its value from its all-time high of $3.48.
“FTM: This one got rekt. It’s currently at low timeframe resistance, but I wouldn’t be surprised to see this squeeze higher before dumping more. Buying a reclaim of $0.47 and shorting something around $0.60 sounds like a good idea.”
Fantom is currently trading for $0.41, down over 4% in the past day.
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 loses 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.
Featured Image: Shutterstock/Naeblys