A widely followed cryptocurrency analyst and trader is saying that an altcoin in the Solana (SOL) ecosystem is at a critical juncture.
The analyst pseudonymously known as Sherpa tells his 234,700 followers on the social media platform X that the memecoin Popcat (POPCAT) is at a “do-or-die” level.
Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is typically considered a bearish pattern in technical analysis.
POPCAT is trading at $0.802 at time of writing, up by 21,147% since the January 5th low of $0.00379.
Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly dip below the $100,000 price.
“Bitcoin dominance has yet to come down.
Ethereum has yet to fully send.
January is an incredibly bullish time for crypto.
[US President-elect] Trump is pro-crypto, owns some, and has his own decentralized finance (DeFi) project.
….and you’re selling??”
Bitcoin is trading at $100,624 at time of writing. Bitcoin dominance, the ratio of the market cap of Bitcoin relative to the rest of the crypto market, is currently at 54.7% down by several percentage points from the 2024 high of 58.99% recorded mid-last month.
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Generated Image: Midjourney
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