A well-known crypto analyst suggests that a major Ethereum (ETH) competitor has entered an uptrend following a retest of the $120 mark last week.

Altcoin Sherpa, an anonymous analyst followed by 217,700 users on X, asserts that Solana (SOL) shows promising potential after successfully holding the 200-day exponential moving average (EMA) as support.

“SOL: I haven’t traded this… but I see SOL as having potential for further gains.”

Source: Altcoin Sherpa/X

As of the latest update, Solana is priced at $140, marking an 8.5% decline over the past 24 hours.

In his analysis, the expert notes that Bitcoin (BTC) has yet to confirm its trend direction, remaining in a sideways movement around $60,000, with a range bounded by $73,794 on the upside and $56,544 on the downside.

“BTC: The price action remains choppy, without a clear trend in my view. The 200-day EMA is near the lower end of the range, and there’s no indication of a reversal on shorter timeframes. It’s advisable to stay neutral for now.”

Source: Altcoin Sherpa/X

At the time of writing, Bitcoin is trading at $60,157, reflecting a drop of nearly 3% in the last 24 hours.

Turning to Polkadot (DOT), the analyst adopts a bearish stance on the layer-2 scaling solution.

“The chart still looks… unfavorable, in my opinion.”

Source: Altcoin Sherpa/X

Based on his chart analysis, DOT might rebound above $7 before sliding to around $6.40 on the daily chart.

DOT is currently trading at $6.04, showing a decline of almost 8% over the past 24 hours.

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