Trader Updates Outlook on Altcoin That’s Exploded 900% in Less Than Four Months, Issues Warning on Solana
A closely followed crypto strategist believes that one artificial intelligence (AI) related altcoin project could still move higher even after already seeing heavy gains.
Pseudonymous analyst Altcoin Sherpa tells his 206,900 followers on the social media platform X that Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI, could soar more than 33% from its current value.
“TAO: I remember buying this at $120 and then selling it quickly. Pain. Still very bullish on this one and $600 is the next area up if this current level gets broken. That $220 .50 [Fibonacci] area was a great entry. Woulda coulda shoulda.”
TAO is trading for $450.89 at time of writing, a staggering 880% rally since it was trading for around $46 on October 16th.
Next up, the trader says he remains bullish on Ethereum (ETH) competitor Solana (SOL). However, he warns SOL may retest Fibonacci retracement levels at $84.67 or $71.81.
“SOL: slow grind down. I don’t have an opinion on where this goes in the short/mid term. I still think it’s going to do pretty well in 2024 and I’m just holding my stack, but I think that lower prices are probably coming. $70-$85 would be a decent price to accumulate.”
SOL is trading for $101.11 at time of writing, up more than 4% in the last 24 hours.
Lastly, the trader says he is also bullish on blockchain oracle provider Chainlink (LINK), and he predicts the token will soon flip a key resistance level at $18.70 into support.
“LINK is still at resistance but I think it eventually goes decently higher in the midterm after that long consolidation.”
LINK is trading for $19 at time of writing, up nearly 4% in the last 4 hours.
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