A widely followed crypto trader is analyzing three crypto assets amid sideway market movement.
Starting with Bitcoin (BTC), pseudonymous analyst Altcoin Sherpa tells his 181,600 Twitter followers that he is anticipating the flagship digital asset to appreciate by up to 7% from its current price.
The trader’s charts show that Bitcoin could meet resistance at around the $22,500 level and once again at $23,500 after the flagship crypto asset bounced from $20,700 last week.
“BTC: Send it to $22,500 – $23,000 please.”
Bitcoin is trading at $21,569 at the time of writing, having fallen by less than a percentage point over the last 24 hours.
Next up is scalable blockchain Solana (SOL). Altcoin Sherpa says that he’s “unsure” about the direction the ninth-largest crypto asset by market cap is likely to take next. Since May, Solana has ranged between $31 and $47.
“SOL: It’s funny how different bear market rallies can look, given the context. Still unsure about this one.”
Solana is trading at $35.72 at the time of writing, having shed 1.2% over the last day.
The pseudonymous crypto trader concludes his analysis with the utility token of sports fans engagement platform Socios.com, Chiliz (CHZ).
Altcoin Sherpa says that Chiliz is on a short-term downward trend and wouldn’t be ripe for a buying opportunity until it corrects 25% from its current levels.
“CHZ: I wouldn’t long this until $0.17 and even then, it would be a scalp I think. It’s pulling back as expected.”
Chiliz is trading at $0.227 at the time of writing, down by about 13% from the four-month high it reached earlier this week.
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Featured Image: Shutterstock/Yevheniia Rodina/Sol Invictus
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