What's Going On With Solana, Popcat, AI Crypto Coins? Here's What Technical Analysis Says

Author: Khyathi Dalal | August 13, 2024 01:39pm

In a series of tweets, crypto trader Altcoin Sherpa analyzed Solana (CRYPTO: SOL), Popcat (CRYPTO: POPCAT) and AI-related crypto coins, suggesting their current lows may be good opportunities to accumulate.

Solana: "Short Term Neutral"

Sherpa has a short-term neutral stance on Solana, predicting that $120-$150 remains as a good area to accumulate. He suggests Solana, along with Bitcoin and Ethereum, should be part of every portfolio and foresees these coins outperforming most of the market.

Bitcoin influencer Nebraskangooner thinks that Solana could surge if it holds its current support:

$SOL (per request)

As long as this support holds then we could see something like this.

Holding support better than most on higher time frames so could still have some bounce left in it before heading lower again. pic.twitter.com/UngFs57hno

— Nebraskangooner (@Nebraskangooner) August 13, 2024

Popcat: Check Key Areas For "A Bid"

Altcoin Sherpa highlighted that if Popcat has any followup, then the $0.41-0.46 area is interesting. If price falls below this area, he would opt out of the trade.

$POPCAT I think if this is going to have any followup, you should check the $0.41-0.46 area for a bid. Would definitely cut if price breaks below there as its prob going back to the lows but this is 1 I'm viewing. pic.twitter.com/KcQANmJD3L

— Altcoin Sherpa (@AltcoinSherpa) August 13, 2024

Nebraskangooner sees two scenarios for this cat coin: A break below its current price would be a reversal and a break above would be a strong continuation of price discovery.

AI Crypto Coins: Bearish Market Structure

Sherpa states that AI coins bore the brunt of the broader market drop. The top three coins (based on valuation) in the AI crypto coins list dropped 15% to 25% in the past 30 days.

Bittensor (CRYPTO: TAO) below $200 may be of interest, despite its current bearish market structure. The trader curiously states, "Will Fetch.ai (CRYPTO: FET) and $TAO outperform many others like they did early in 2024 or are those days done?"

Coingecko data shows that AI-related coins are worth around $21.6 billion, up 6.1% in the last 24 hours, while cat-themed coins are worth $2.2 billion, up 6.8%.

What’s Next: The appeal of altcoins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Dogecoin’s Whale Transactions Surge But Does It Really Have ’10x Potential’?

Image: Shutterstock

Posted In: $FET $SOL