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  • Trader Says Top-10 Altcoin To Have a Strong Run in the Fourth Quarter, Updates Outlook on Celestia and Render

Trader Says Top-10 Altcoin To Have a Strong Run in the Fourth Quarter, Updates Outlook on Celestia and Render

July 12, 2024

A popular crypto trader and analyst thinks one Ethereum (ETH) rival is gearing up for a strong finish in 2024.

The pseudonymous analyst known as Altcoin Sherpa tells his 217,900 followers on the social media platform X that Solana (SOL) has a healthy market structure and predicts a breakout for the top-10 altcoin before the year’s end.

“SOL looks more like the green box versus the red box to me. The reason is mostly due to:

  • Previous price action (run from $20-$200 was way different in 2021 versus 2024).

  • More defense of key levels this time around i.e. $130.

  • Overall Bitcoin (BTC) market is obviously in a much healthier place.

So yeah, I still view SOL to be mostly healthy here. While something like $100 could still come on a flush, I still predict price mostly chopping between $120-$170 for a while and then a strong run-up in Q4. In other words, I don’t think it’s ‘over.'”

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Solana is trading for $136 at time of writing, down nearly 3% in the last 24 hours.

Next up, the analyst says that the native asset of the modular blockchain network Celestia (TIA) could retest a Fibonacci retracement level at $5.80, a decline of more than 9% from the current value.

“TIA: would love to fill in the green box, staying patient for now.”

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TIA is trading for $6.38 at time of writing, down nearly 7% in the last 24 hours.

Lastly, the analyst says that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, could be forming a market bottom and could start consolidating in a range between $6.10 and $7.50.

“RNDR is still below the 200-day exponential moving average (EMA) but at a key Fibonacci region at the .618. More chop between here and $7.50 seems reasonable to form a longer-term bottom.”

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Render is trading for $6.03 at time of writing, down 6.7% in the last 24 hours.

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