A widely followed trader believes that a layer-1 decentralized exchange (DEX) altcoin is gearing up for rallies to new all-time highs.
Pseudonymous analyst Altcoin Sherpa tells his 248,500 followers on the social media platform X that he thinks Hyperliquid (HYPE) looks very strong despite the recent marketwide correction.
The trader sees HYPE consolidating close to the highs for now before igniting a fresh leg up en route to a new record high.
“HYPE has insane strength right now, this one got bought up quickly. wouldn’t be surprised to see a bit more chop around here but $50+ is destined, even in these crazy times.”
At time of writing, HYPE is worth $40.44.
While Altcoin Sherpa is bullish on HYPE, he says he’s bearish on two Solana (SOL)-based memecoins. The trader notes that dogwifhat (WIF) and Popcat (POPCAT) are both in the midst of a downtrend and may drop to much lower levels if BTC fails to print new all-time highs.
“Moment of truth for many of these [coins] soon; that could have just been a lower high formed. It’s all going to be dependent on BTC. If we see it blast through the highs, we’re going up again. If not, alts probably go [down] another 30-50%. Can see some examples with WIF, POPCAT.”
Based on the trader’s chart, he seems to predict that POPCAT could fall to as low as $0.22. At time of writing, POPCAT is worth $0.31.
Looking at the trader’s chart, he seems to suggest that WIF could plunge to $0.60. At time of writing, WIF is trading for $0.839.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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