A popular crypto analyst is updating his outlook on one Ethereum (ETH)-based altcoin after an explosive two months.

Pseudonymous trader Altcoin Sherpa tells his 197,000 followers on the social media platform X that the decentralized oracle protocol Tellor Tributes (TRB) is showing how quickly altcoins can soar out of lengthy market corrections.

TRB was trading for $9.83 on August 25th and at time of writing is worth $113, a more than 1,000% gain.

“TRB: It’s crazy how just a few crazy weeks of bull moves can undo YEARS of bear market moves for some of these altcoins.

I’m not expecting all altcoins to do this, but 2021 showed that this can certainly happen (in alt/USDT pairs), even for dino coins.

Don’t sell too quickly.”

Source: Altcoin Sherpa

The trader previously predicted TRB was exhausting its bullish momentum after hitting $79 and briefly retraced.

TRB hit its all-time high in May 2021 at $161.

Next up, the trader predicts that Ethereum (ETH) competitor Solana (SOL) will continue to move to the upside based on key support and resistance levels.

“SOL: Want to add, high $30s next and then $50 after.”

Source: Altcoin Sherpa

Solana is trading for $31.31 at time of writing, up more than 46% in the past two weeks.

Lastly, he says blockchain oracle network Chainlink (LINK) could retrace down to the $9 range before making another move to the upside based on Fibonacci retracement levels.

“LINK: Very strong. Wanting to buy dips. Don’t know if I’m going to get it. Mid $9s and lower.”

Source: Altcoin Sherpa

Chainlink is trading for $10.51 at time of writing, up more than 45% in the past two weeks.

Generated Image: Midjourney

The post Trader Updates Outlook on Altcoin That’s Exploded Over 1,000% in Two Months, Sets Targets for Solana appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 26, 2023 8:13 pm