Is altcoin season here? Solana and Chainlink Indicate Strong Growth in the Crypto Market

A renowned cryptocurrency market analyst, known in the digital environment as Altcoin Sherpa, has shared optimistic perspectives on the recent movement of some altcoins. With an audience of nearly 200,000 followers on the well-known social media platform, his remarks have generated considerable interest in the industry.

In his recent statements, Altcoin Sherpa points to a “mini season” for altcoins, suggesting a vigorous performance of certain digital assets for the remainder of November. “We’re having a decent mini season right now and I love seeing it. I’m guessing we’ll see some cooling in December and then a big run again in January. ETH is likely to catch up to BTC and you should start scaling there, IMO (in my opinion),” says the analyst.

In particular, the trader highlights Solana (SOL), a cryptocurrency that competes directly with Ethereum (ETH). He predicts a potential 32% increase in Solana’s value if it remains above a specific level. “SOL: incredible moves, no sign of FTX supply coming to market…yet. If the price remains above US$50 in the [gráfico] of a week, there will be no price action between here and the next bullish area aka $75. Still bullish on Solana until proven otherwise,” said Sherpa. At the time of writing, Solana trades at $56.97, marking a significant increase of 25.1% in the last 24 hours.

$SOL: Incredible moves, no sign of the FTX supply coming onto the market…yet.

If price holds above $50 on the 1W, there is no price action between here and the next area up aka $75.

Still bullish on #Solana until shown otherwise. pic.twitter.com/l9Poa1h7Xa

— Altcoin Sherpa (@AltcoinSherpa) November 10, 2023

The analyst also sheds light on the impressive performance of Chainlink (LINK), a decentralized blockchain oracle. After a 110% increase since October 15th, he suggests LINK could yet see further growth of over 27%. “LINK: To be honest, I don’t see it stopping until $18-$20. After that, there could be a small dip, but I still think much higher targets for this one,” projects Altcoin Sherpa.

$LINK: I don’t see this stalling out until $18-20 to be honest. After that, a small dip could come but I still think much higher targets for this one. Many of us could have just bought #LINK during that 500 day accumulation period and then held it and made more $$ than trading. pic.twitter.com/feelQopn61

— Altcoin Sherpa (@AltcoinSherpa) November 10, 2023

Sherpa’s perspective highlights an interesting strategy in the cryptocurrency market, suggesting that acquiring and holding assets like LINK during periods of prolonged accumulation may be more profitable than more active trading strategies.

This analysis brings to light the ever-changing dynamics of the crypto market, where specific altcoins can offer significant earning opportunities.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.