Trader Updates Outlook on Ordinals Token That’s Surged Over 2,700% in Three Months, Warns Solana Could Go Lower
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on the Bitcoin (BTC) ecosystem tokens over the medium term.
The trader pseudonymously known as Altcoin Sherpa tells his 205,600 followers on the X social media platform that he expects Bitcoin Ordinals (ORDI), a protocol that allows text and images to be inscribed on Bitcoin, and other similar crypto assets in the ecosystem to “do well over the coming months”.
According to Altcoin Sherpa, ORDI would be attractive at the price of $65, about 10% below the current price.
Source: Altcoin Sherpa/X
ORDI is trading at $72.35 at time of writing, up by around 2,777% from the October 18th close of $3.48.
Turning to Solana (SOL), the pseudonymous trader says that while he is bullish on the price of the fifth-largest crypto asset by market cap in 2024, he expects it to fall over the short term.
Source: Altcoin Sherpa/X
SOL is trading at $98.01 at time of writing.
Next up is the decentralized cross-chain liquidity protocol THORChain (RUNE). According to Altcoin Sherpa, the key Fibonacci retracement levels to watch on RUNE on the daily chart if its downtrend continues are the 0.50 (50%) and 0.618 (61.8%). Fibonacci retracement levels are used to identify possible support and resistance points for the price of an asset, with the most common ones being 38.2%, 50% and 61.8%.
Based on Altcoin Sherpa’s chart, it appears that the 50% and 61.8% Fibonacci retracement levels would fall at just above a RUNE price of $4 and around $3.50, respectively.
Source: Altcoin Sherpa/X
RUNE is trading at $4.10 at time of writing.
Generated Image: DALLE3
