A popular analyst thinks that one red-hot altcoin has a lot more upside potential after putting up huge gains within weeks.
The pseudonymous analyst known as Altcoin Sherpa tells his 242,900 followers on the social media platform X that layer-1 blockchain Sonic (S) may soon hit $1.
“S is still one of the strongest mid-caps there is right now. People forget this coin went to almost $4 last cycle. [Sonic Founder Andre Cronje] bull posting a lot plus some interesting activity over there. Send it way higher.”
He also predicts that S may soon increase more than 16% of its current value to hit a psychological price level.
“S: insanely nice chart. $1 is destined in my opinion.”
Sonic soared from its $0.359 on February 3rd to $0.8615 at time of writing, a 140% gain.
Next up, the trader says that Bitcoin (BTC) is stuck trading within an enduring range but suggests it may soon break out.
“BTC: this price action will continue to give us loads of false hope and is the definition of chop. (Though, I do think the relative bottom is in for many coins.)”
Bitcoin is trading for $98,175 at time of writing, up 1.7% in the last 24 hours.
The trader also says he is long-term bullish on artificial intelligence (AI)-focused altcoin AI Rig Complex (ARC) and MANTRA DAO (OM), a decentralized finance (DeFi) platform.
“Active longs.
ARC: insane volatility on this one, has potential to go 20% up or down in a day, still long on this…
OM: this is slower trade that is probably going to take several days/weeks to play out and acts as a stablecoin until it goes up 30%. Much more of a safer play for me.”
ARC is trading for $0.24 at time of writing, up 30.1% at time of writing. Meanwhile, OM is trading for $8 at time of writing, up 5.2% on the day.
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Generated Image: Midjourney
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