A popular analyst believes that one red-hot altcoin has significant upside potential after experiencing substantial gains within weeks. The pseudonymous analyst known as Altcoin Sherpa has 242,900 followers on the social media platform X and indicates that layer-1 blockchain Sonic (S) may soon reach $1.

“S is still one of the strongest mid-caps there is right now. People forget this coin went to almost $4 last cycle. [Sonic Founder Andre Cronje] is bull posting a lot, plus there’s some interesting activity over there. Send it way higher.” He also predicts that S may soon increase by more than 16% from its current value to reach a psychological price level.

“S: insanely nice chart. $1 is destined in my opinion.” Sonic surged from $0.359 on February 3rd to $0.8615 at the time of writing, marking a 140% gain.

Next, the trader states that Bitcoin (BTC) is stuck trading within a prolonged range but suggests it may soon break out.

“BTC: this price action will continue to give us loads of false hope and is the definition of chop. (Though, I do think the relative bottom is in for many coins.)” Bitcoin is trading at $98,175 at the time of writing, up 1.7% in the last 24 hours.

The trader also mentions a long-term bullish outlook on artificial intelligence (AI)-focused altcoin AI Rig Complex (ARC) and MANTRA DAO (OM), a decentralized finance (DeFi) platform.

“Active longs.

ARC: insane volatility on this one; it has the potential to go 20% up or down in a day, still long on this…

OM: this is a slower trade that is probably going to take several days/weeks to play out and acts as a stablecoin until it goes up 30%. Much more of a safer play for me.”

ARC is trading at $0.24 at the time of writing, up 30.1%. Meanwhile, OM is trading at $8 at the time of writing, up 5.2% on the day.

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Generated Image: Midjourney.