In the ever-changing landscape of cryptocurrency, the popular analyst known as Altcoin Sherpa has stirred up excitement among crypto traders with his latest predictions. As we move toward the end of 2024, he has a particularly optimistic outlook, predicting what he calls a “full send” phase, which he expects to hit its peak around December or January 2024. For traders navigating the ups and downs of the market, Sherpa’s words bring a sense of anticipation and hope for what could be a significant rally in the world of crypto.
Sherpa, who has built a following of more than 222,400 users on X (formerly Twitter), is cautious about the near term, predicting “chop” in the markets—meaning lots of fluctuation—through September and October. He also warns of possible “fakeouts” in November. This is classic Sherpa, always wary of market traps, but his long-term bullish sentiment offers a silver lining for those willing to ride the waves.
Ethereum: Solid Support at $2,200–$2,400, but Not Yet Bullish
When it comes to Ethereum (ETH), Sherpa is hesitant to jump on the bullish bandwagon just yet. Although ETH has been trading at around $2,438, Sherpa sees some reasons to stay cautious. However, he points out that Ethereum has recently dipped into a high-volume trading zone—between $2,200 and $2,400—indicating that ETH is sitting on strong support. This level could act as a safety net for traders, providing a foundation for future gains.
That said, Sherpa still isn’t fully convinced about ETH’s upward potential in the short term. His advice? Keep an eye on the current price levels, but don’t rush in too early. The market could move in unexpected directions, and Sherpa’s cautious approach suggests that traders should be prepared for more market turbulence before the real rally kicks in.
Solana: $125 Support Holding but Looks Worn Out
Solana (SOL), another major player in the crypto market and Ethereum’s closest competitor, has also caught Sherpa’s attention. At the time of writing, SOL is trading at $130.25, just above a key support level of $125. While this price level has held strong for now, Sherpa is wary. He notes that the support at $125 looks “battered” after several retests, implying that it may not hold for much longer.
For traders considering an entry into Solana, Sherpa recommends caution. He suggests waiting for a confirmed upward trend rather than trying to “catch a falling knife.” In his view, it’s better to buy into strength than take a risk on lower price levels that could continue to drop. His advice is to “save some $ for lower levels like $110 or lower,” signaling that the market may still offer better buying opportunities down the line.
What This Means for Traders
For traders, Sherpa’s analysis serves as both a caution and a beacon of hope. His long-term bullishness, especially for the end of the year, gives traders something to look forward to. The idea of a “full send” rally—where the market moves decisively upward—could mean significant gains for those who position themselves correctly.
But Sherpa’s predictions also come with a warning: the road to that rally will not be smooth. The next few months may be choppy, with false starts and market traps waiting to catch overly eager traders. His advice to wait for confirmation before jumping in is sound for those who want to avoid unnecessary risks.
The beauty of Sherpa’s analysis lies in its balance. He acknowledges the market’s volatility and the potential for fakeouts, but he also sees the possibility of a major rally on the horizon. It’s a message that resonates with the emotional highs and lows that traders often feel—a rollercoaster of anticipation, caution, and hope.
