Trader Says Top-10 Altcoin Looks ‘Incredibly Strong,’ Updates Outlook on Ethereum, Solana and Render

A widely followed trader and analyst says that blue skies are ahead for a large-cap altcoin even amid a marketwide correction.

The trader pseudonymously known as Altcoin Sherpa tells his 217,300 followers on the social media platform X that the native token of layer-1 blockchain Toncoin (TON) is in a strong uptrend after hitting an all-time high (ATH) of $8.25 on June 14th.

“This still looks incredibly strong…

TON: still one of the strongest charts in crypto.”

Source: Altcoin Sherpa/X Toncoin is trading for $8.10 at time of writing, up more than 3% in the last 24 hours.

Next up, the analyst warns that Solana (SOL) may be on the verge of a collapse against Ethereum (SOL/ETH).

“SOL: although I still think Solana is a great retail chain, the current celeb meta is not healthy at all in my opinion. I think that this chart looks pretty scary and that ETH still probably will continue to outperform for this next stretch.”

Source: Altcoin Sherpa/X

SOL/ETH is trading for 0.0409 ETH ($142) at time of writing, down more than 4.6% in the last 24 hours. Looking at his chart, the trader suggests SOL/ETH could decline to 0.039 ETH ($135).

Next up, the analyst says that the graphics processing unit (GPU) rendering blockchain Render (RNDR) could retest the Fibonacci retracement level at $6.03.

“RNDR: good project but I wouldn’t start scaling in until $7ish or lower. Could be a good buying area there.”

Source: Altcoin Sherpa/X

RNDR is trading for $7.94 at time of writing, down more than 4% in the last 24 hours.

Lastly, the analyst predicts that Ethereum will print new ATHs.

“ETH to ATH is still inevitable. I don’t know when or how it gets there but this supply zone is going to break eventually. Still seems like a guarantee and a fairly safe trade you can take (as long as you can eat the short-term drawdown).”

Source: Altcoin Sherpa/X

Ethereum is trading for $3,479 at time of writing, up slightly in the last 24 hours. ETH reached an ATH of about $4,900 in November 2021.

Generated Image: DALLE3

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