A popular crypto strategist known as Altcoin Sherpa is anticipating a significant surge in the value of Avalanche (AVAX) due to a specific reason. Altcoin Sherpa, who has a following of 196,600 users on the social media platform X, believes that the Ethereum (ETH) competitor could experience a growth of over 12% from its current price.
Altcoin Sherpa points to the recent launch of Stars Arena, a decentralized social finance application (SocialFi), on the AVAX blockchain by the company Friend.tech as a catalyst for Avalanche’s uptrend. He suggests that the introduction of Stars Arena could potentially drive the value of AVAX to reach $12 in the future. Additionally, Altcoin Sherpa speculates that even those who are not interested in Stars Arena might choose to invest in AVAX, further boosting its price.
Analysis of the chart provided by the trader reveals that Avalanche is expected to encounter resistance at its current value and dip to $10.20 before experiencing a surge above $12 in November. As of now, AVAX is valued at $10.66, showing a 4.7% increase over the last 24 hours.
While Stars Arena has been lauded as a promising addition to the AVAX blockchain, Altcoin Sherpa emphasizes that it remains unclear if this decentralized application will have a robust future. He highlights the increasing fragmentation of social networks and questions whether multiple social apps like Stars Arena can all succeed in the long run.
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Switching focus, the trader predicts that Solana (SOL), a competitor of Ethereum, will likely undergo a temporary decline before initiating an upward movement. Based on the chart analysis, Altcoin Sherpa suggests that Solana could potentially experience a dip to the $21 range. At the time of writing, SOL is being traded at $23.42, reflecting a 2.8% increase in the past 24 hours.
In conclusion, Altcoin Sherpa’s analysis provides insights into the potential growth of Avalanche and the future trajectory of Solana. Investors can keep an eye on these cryptocurrencies to take advantage of potential buying opportunities and capitalize on future price surges.
As a reminder, it is always essential for investors to conduct thorough research and due diligence before making any high-risk investments. The opinions expressed by Altcoin Sherpa and the information provided should not be taken as investment advice. Investors should be aware that cryptocurrency investments carry inherent risks, and any losses incurred are their responsibility.
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