A prominent crypto strategist suggests that a competitor to Ethereum (ETH) has entered an upward trend following a recent test of the $120 range. Known as Altcoin Sherpa, the anonymous analyst shared with his 217,700 followers on X that Solana (SOL) is showing promising potential after successfully holding above its 200-day exponential moving average (EMA).

“SOL: I didn’t trade this… I believe SOL looks poised for further gains.”

Solana is currently priced at $140, marking an 8.5% decrease over the past 24 hours.

In his analysis, Altcoin Sherpa observes that Bitcoin (BTC) has yet to confirm a clear trend direction, remaining stagnant around $60,000. The cryptocurrency’s trading range spans from $56,544 to $73,794.

“BTC: Price action remains choppy, lacking a definitive trend in my view. The 200-day EMA remains near the lower boundary of the range, with no indications of reversal on shorter time frames. It’s advisable to maintain a neutral stance for now.”

Bitcoin is currently trading at $60,157, showing a decrease of nearly 3% over the last 24 hours.

Turning attention to Polkadot (DOT), Altcoin Sherpa adopts a bearish outlook on the layer-2 scaling solution.

“The chart setup appears unfavorable at present.”

Based on his technical analysis, the analyst suggests that DOT might see a bounce above $7 before potentially dropping to $6.40 on the daily chart.

DOT is currently priced at $6.04, reflecting a decline of nearly 8% over the past 24 hours.

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