Will These Altcoins Soon Break All-Time Highs? Top Analyst Says Solana Will Hit $900
Anjali Belgaumkar8 Jun 20242 min read
On Crypto Banter’s ‘The Sniper Trading Show’ the analyst opened up about understanding where to take profits is crucial because not all tokens will reach all-time highs. For example, Bitcoin started with a dominance rise, outperforming many tokens. As the market transitions from Bitcoin hype to Ethereum and then altcoins, retail investors play a big role. Millions of small investors can drive extreme hype.
The analyst said that the big weekly altcoins likely to break all-time highs are Solana (SOL), Avalanche (AVAX), Injective (INJ), ThorChain (RUNE), and Dogecoin (DOGE). For Solana, the targets are $400, $650, and $900. The trend indicates a strong upward momentum with the potential to reach these levels without pullbacks.
Avalanche has a target of $100 initially, with a possible move to $240 if it breaks through key resistance levels. It’s important to take some profits at these stages if it shows signs of slowing down.
Injective’s targets are $40 to $50, with previous highs of $70 and $93 being the next milestones. Again, taking profits as it approaches these levels is advised. ThorChain is expected to reach $14, with further targets at $33, $53, and $73 if it breaks through resistance.
Dogecoin may not reach its all-time highs this cycle but is considered a good investment entry at current levels, with a potential gain of around 200%. Profits should be taken if it approaches key resistance levels to avoid losses if it doesn’t break through.
Furthermore, the analyst explained that it is important to judge tokens based on bear markets, where their true value is revealed after the hype fades. Tokens often pull back 80-90% in bear markets, indicating their true valuation. Therefore, taking profits during market peaks is essential to avoid losses when the market corrects.
Also Read: Top analyst sets massive targets for Ethereum–$7000, $11,000 and $15,000
