Widely followed crypto strategist Michaël van de Poppe believes that one Ethereum (ETH) rival is in a position to ignite a real bullish phase.
Van de Poppe tells his 776,000 followers on the social media platform X that the layer-1 protocol Near (NEAR) appears to be carving a cycle bottom.
The analyst says that NEAR is likely in the final stages of its accumulation phase before kicking off a bull run.
“This is a typical chart of a standard Altcoin bull run.
At first, it runs up, then fully corrects before the real run occurs.
Those runs start from the double-bottom retest –> that’s happening right now.
Good accumulation area.”
A double-bottom pattern is a bullish reversal structure, indicating that an asset is cementing a price floor before launching an upside burst. At time of writing, NEAR is trading for $3.45.
Looking at the payments altcoin XRP, the trader says the coin has already printed massive gains this cycle and that any upside potential will likely be limited. But he also says that it is within the realm of possibility for XRP to do the unexpected and spark another big rally.
“In four weeks, the price rallied by 500% on a $30 billion asset.
My best guess is that most of the upside is captured already and only the laggards are buying in at these levels.
My second best guess is that we’ll consolidate before we continue to go up, which probably takes time. In that sense, you still want to be buying the dip if you’re interested in this one.
The question is, where?
Anywhere in the lower areas of the range, so let’s say $1.50-2.25. That’s a good region.”
At time of writing, XRP is worth $2.57.
Turning to the smart contract platform Sui (SUI), Van de Poppe says he remains long-term bullish on the altcoin but warns that a drop to $1.50 is possible. He also believes that a 9x rally is in the cards for SUI if it manages to pull off a real bull cycle.
“This has been one of the trending ones and I think it will continue to show strength… I think that, ultimately, the area at $2.50 is the key zone…
Invalidation? Sub $1.50… If it loses the trend sub $1.50 –> your potential loss is 40-50%. If it really turns into a bull cycle, then your upside might be 300-800%.”
At time of writing, SUI is trading for $3.41.
The last altcoin on the trader’s radar is the fellow layer-1 altcoin Sonic (S). According to Van de Poppe, Sonic is in the midst of a solid uptrend, and he believes it will go beyond $1.
“The new, shiny, diamond in the markets.
Strong upward trend and a lot of momentum on social media.
Likely not going to stop in the coming period.
From a trader’s perspective, I think that you’d be willing to buy the dips… So then the region between $0.675-0.775 is the area to go for…
Targets? New highs. Uptrend is clear.”
At time of writing, S is worth $0.86.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shuterstock/Alexxxey/Mia Stendal
