Crypto NewsEthereum (ETH)

Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses

A popular crypto analyst and trader warns that if current support levels fail to hold, altcoins will face more downward price pressure.
Pseudonymous trader altcoin Sherpa tells its 174,900 Twitter followers that Solana (SOL), Polygon (MATIC)Avalanche (AVAX) and Terra (LUNA) are on the verge of losing support.

The analyst says that if the four crypto assets’ support levels collapse, other weaker ones will follow cryptocurrencies could be wiped out.

Solana, Avalanche and Terra are Layer 1 decentralized application platforms and Ethereum (ETH)-Competitors, while Polygon is a layer 2 scaling solution for ETH.

“These levels are about to be lost. You had better hold on or it will be “lights out” for many altcoins. And these altcoins have held up better than others; those who are already dead might fall even more. SOL. MATIC. AVAX. Luna.”

The crypto strategist forecasts a 33% drop for Solana if it loses support at $75.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
Looking to Polygon, altcoin Sherpa expects MATIC to fall nearly 60% if it breaks the $1.00 support.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
As for AVAX, a break of the support at $58 could send the price of Ethereum competitor to $39, according to the crypto strategist.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
Meanwhile, LUNA can drop 25% if bears take the $75 support.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
On digital assets with worse prospects, the trader says that Algorand (ALGO), The Graph (GRT), The Sandbox (SAND) and Chainlink (LINK) are among the altcoins that face a bleak future, especially if Bitcoin (BTC) falls below $33,000.

Algorand is a payment processing oriented Blockchain, while The Graph is a blockchain data indexing protocol. The sandbox is a decentralized virtual game world Chainlink is a decentralized platform that connects blockchains with external data.

“These are some examples of dead altcoins that could be destroyed really badly (even worse than others). ALGO. BRT. SAND. SHORTCUT.

I’m not saying these altcoins will necessarily go to these low a** targets. In my opinion, BTC would have to fall below $33,000 for this to happen.”

Altcoin Sherpa predicts one correction of 42% for ALGO.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
The analyst sees a massive 86% correction for BRT.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
For SAND, altcoin Sherpa sees a 71% drop.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
As for LINK, altcoin Sherpa says a nearly 60% drop is within the realm of possibility.
Top trader says Solana (SOL), Polygon (MATIC) and Two Ethereum competitors in massive danger if support collapses, Crypto Trading NewsSource: AltcoinSherpa/Twitter
The crypto trader says LINK, GRT, ALGO, and SAND could surge 50% to 200% or more once Bitcoin rallies.

“Additionally, many of these altcoins’ charts are now at support levels, which is why I still think some near-term relief may be on the way.

That being said, the high timeframe market structure is undeniably bearish for 90% of these altcoins’ charts and I still think we will slowly bleed from them until BTC resolves on its own. Once BTC has recovered somewhat, I think these altcoins will hit 50%+ to 3x (or more) depending on the level of recovery.”
Check the price action

Source: Crypto News Deutsch

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