A widely followed cryptocurrency analyst and trader is leaning bullish on an altcoin built in the Solana (SOL) ecosystem.
The trader, pseudonymously known as Altcoin Sherpa, tells his 243,700 followers on the social media platform X that the utility token of the decentralized bandwidth crypto project Grass (GRASS) is looking “extremely strong” following a 25% rally in just a day that effectively reversed a rout that came amid a crypto market-wide slump.
According to the pseudonymous analyst, GRASS is likely to experience a pullback before resuming the rally. Based on Sherpa’s chart on the four-hour time frame, it appears the widely followed trader is suggesting that GRASS could correct by around 15% before rallying by over 20% in a matter of days.
“Holy s**t what a reversal. Cream rises to the top, this is one of the best coins still.”
GRASS is trading at $1.89 at time of writing.
The pseudonymous trader says that altcoins are yet to bottom out and are likely to enjoy a consolidation period of up to two months before a rally ensues.
“Wouldn’t be surprised to see another month or two of chop. That doesn’t mean we’re not going to see big moves up or down, we already have. But the real meat of this move comes in the early parts of the summer, in my opinion, guessing May/June.”
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Generated Image: Midjourney
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