A popular analyst thinks that one top-30 altcoin may be among the best-performing digital assets in the near term as the crypto markets chop around.
The pseudonymous analyst known as Altcoin Sherpa tells his 242,900 followers on the social media platform X that he is leaning bullish on the utility token of the decentralized open financial system Hyperliquid (HYPE).
“Best positions right now in order of best to worst:
- Cash.
- Majors.
- HYPE.
- Utility or older coins like AAVE, LINK, XRP, OM.
Everything else is pretty mehhh.”
HYPE is trading for $23.27, at time of writing, down 8.8% in the last 24 hours.
Next up, the trader suggests that Ethereum (ETH) may have an explosive move this cycle, but is uncertain when.
“Everyone talking about ETH and it makes a lot of sense:
- Top Trump projects are on ETH ( LINK, AAVE, others).
- SOL is pretty screwed from a mindshare perspective (rugs/etc.).
- No real ETH pump (yet).
- ETH/BTC has been f**ed.
I do believe it’ll happen, just don’t know when/how.”
However, he warns that in the near term, ETH may be forming a bull trap.
“ETH: I’m not going to get trapped on this one.”
ETH is trading for $2,662 at time of writing, down 2.9% in the last 24 hours.
Lastly, the analyst suggests that artificial intelligence (AI)-focused altcoin Artificial Superintelligence Alliance (FET) and AI-related memecoin Act I: The AI Prophecy (ACT) may have reached their market bottoms and may be poised for breakouts
“I think we’re anywhere from one month to two weeks into the consolidation period for most of these shitcoins. This is the chop period where nothing much really happens, but I still feel that most of the good ones are fairly bottomed at this point. FET, ACT are two examples.”
FET is trading for $0.72 at time of writing, down 4% in the last 24 hours. Meanwhile, ACT is trading for $0.18 at time of writing, up 1.3% on the day.
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Generated Image: Midjourney
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