Crypto Analyst Predicts Bearish December for Solana, Chainlink, Avalanche, and THORChain
A well-known crypto strategist has forecasted a slow grind down for four altcoins in December. According to the pseudonymous analyst Altcoin Sherpa, Solana (SOL), Chainlink (LINK), Avalanche (AVAX), and THORChain (RUNE) are likely to experience a retracement before the next upward move.
Altcoin Sherpa expects these coins to drop to their respective 0.382 Fibonacci levels, which could serve as a strong base for future rallies in early 2024. The analyst believes that SOL could fall to $48.72, AVAX to $18.54, LINK to $12.44, and RUNE to $4.48.
The trader suggests keeping an eye on these altcoins as they may present buying opportunities after the anticipated correction. However, it’s important to note that market conditions can change rapidly, so investors should do their own research and exercise caution.
Hot Take: Altcoins Face Short-Term Correction Before Potential Rebound
According to crypto analyst Altcoin Sherpa, Solana, Chainlink, Avalanche, and THORChain are expected to undergo a period of consolidation and retracement in December. These altcoins may drop to specific Fibonacci levels before potentially forming a strong base for future rallies in early 2024.
While the short-term outlook appears bearish, this correction could present buying opportunities for investors looking to enter these markets at lower prices. As always, it’s crucial to conduct thorough research and consider market conditions before making any investment decisions.
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