A Crypto Analyst Updates Outlook on Altcoin with Explosive Growth
A popular crypto analyst is sharing his updated perspective on an Ethereum-based altcoin that has experienced significant growth in just two months. Altcoin Sherpa, a pseudonymous trader, believes that Tellor Tributes (TRB), a decentralized oracle protocol, demonstrates how quickly altcoins can surge after lengthy market corrections.
TRB’s value has skyrocketed from $9.83 on August 25th to $113 at the time of writing, representing a gain of over 1,000%. The trader emphasizes that while not all altcoins will experience such explosive growth, the events of 2021 have shown that it is possible, even for older coins.
Previously, the trader predicted that TRB was losing its bullish momentum when it reached $79 but then experienced a brief retracement. TRB’s all-time high occurred in May 2021 at $161.
Solana Expected to Continue Rising
The trader also predicts positive movement for Solana (SOL), an Ethereum competitor. Based on key support and resistance levels, he expects SOL to reach the high $30s and then $50.
Currently trading at $31.31, SOL has gained over 46% in the past two weeks.
Potential Retracement for Chainlink
Regarding Chainlink (LINK), a blockchain oracle network, the trader suggests that it may retrace down to the $9 range before making another upward move based on Fibonacci retracement levels. The trader expresses a desire to buy dips in LINK but is uncertain if they will be able to do so.
As of now, Chainlink is trading at $10.51 and has increased by over 45% in the past two weeks.
Hot Take: Altcoin Surge Demonstrates the Potential for Explosive Growth
The recent explosive growth of Tellor Tributes (TRB) highlights the potential for altcoins to experience rapid surges after extended market corrections. While not all altcoins will replicate this level of growth, it demonstrates that even older coins can benefit from bullish market conditions. Additionally, Solana (SOL) and Chainlink (LINK) are also expected to continue their upward trajectories based on key support and resistance levels. This highlights the importance of staying informed and identifying potential opportunities in the cryptocurrency market.
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