A closely watched cryptocurrency analyst says that Solana SOL/USD may be in for a big rally.
What Happened: Altcoin Sherpa, a pseudonymous crypto analyst with 186,200 Twitter followers, believes that Solana could see a 50%+ rally if key exponential moving averages on the four-hour time frame remain intact. The EMA determines the trend in the value of an asset, taking into account its average value over a given period of time.
$SOL: I think it’s at a key level on the 4h, would really like to see this area hold given the EMAs. $30 is the next area up if we fail. I’m still of the opinion we’ll see high 40s though in the coming weeks. #Solana pic.twitter.com/CJM57PZHhE
— Altcoin Sherpa (@AltcoinSherpa) November 2, 2022
See More: How High Can Solana Go?
Altcoin Sherpa says he’s perplexed by Litecoin’s LTC/USD rally, which has risen 11% in the last 24 hours. He doesn’t foresee LTC rising much higher, but he names $67 as a potential price target. “I don’t know why this s**tcoin is pumping. I’d be wary of the incoming levels if they get there, $67 is the 200-day EMA and it’s unlikely this is a sustained pump. Not going to trade this one yet.”
Price Action: Solana is up by 3.28% in the last 24 hours, trading at $31.81, at the time of writing, as per Benzinga Pro. Ethereum ETH/USD is trading at $1554.11, up by 2.36%.