A widely followed cryptocurrency trader and analyst have reiterated his bullish stance on Ondo Finance (ONDO), a mid-cap crypto-asset focused on tokenizing real-world assets. The trader, known pseudonymously as Altcoin Sherpa, told his 217,100 followers on the social media platform X that ONDO “is still one of the strongest coins out there.”
According to Altcoin Sherpa, ONDO has recently bounced off a key support level, potentially confirming the strength of its uptrend. The support level ONDO bounced off coincides with the 0.382 Fibonacci retracement level. Traders commonly use Fibonacci levels, derived from the Fibonacci number sequence, to identify potential areas of support or resistance.
Altcoin Sherpa’s chart analysis also reveals that ONDO has maintained a position above the 200 exponential moving average (EMA) on the four-hour chart for over three weeks. This technical indicator suggests that the asset’s momentum remains strong and bullish.
Source: Altcoin Sherpa/X
At the time of writing, ONDO is trading at $1.20, marking a remarkable 1,469% increase from its January 18th low of $0.0822. This quadruple-digit percentage surge highlights the asset’s impressive performance over the past few months.
Source: CoinMarketCap
Altcoin Sherpa Shares Outlook on Solana (SOL)
Turning his attention to Solana (SOL), another prominent cryptocurrency, Altcoin Sherpa shared his expectations for its near-term price action. He stated, “I think SOL will keep chopping between $185 and $120. It’s a big range overall, but I think we’ll see a prolonged period of consolidation. Seeing this after that huge run is healthy, and I expect bigger things later.”
Solana is currently trading at $143.66, falling within the range anticipated by Altcoin Sherpa. The trader’s assessment suggests that SOL may continue to trade sideways for some time, consolidating its recent gains before potentially embarking on a more significant upward move.
Source: CoinMarketCap
With his substantial following and respected analysis, many cryptocurrency traders and investors closely watch Altcoin Sherpa’s insights. His bullish outlook on ONDO and expectations for Solana’s consolidation phase provide valuable perspectives for market participants navigating the volatile world of digital assets.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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