Known as the “Altcoin Sherpa” in the market, the analyst tells his 174,900 Twitter followers that Solana (SOL), Polygon (MATIC), Avalanche (AVAX) and Terra (LUNA) are on the verge of losing their support levels.

Altcoin Sherpa claims that if the support levels of these four cryptocurrencies collapse, other weaker cryptocurrencies may crash as well. Solana, Avalanche, and Terra are Layer-1 decentralized application platforms and competitors to Ethereum (ETH), while Polygon is a Layer-2 scaling solution for ETH.

   “These levels are on the verge of disappearing and need to be held. Otherwise it will be 'disastrous' for many altcoins.”


Altcoin Sherpa predicts a 33 percent drop for Solana if it loses its support at $75. Looking at Polygon, Altcoin Sherpa expects MATIC to drop by around 60 percent if it loses the support at $1.00. As for AVAX, if the support at $58 is lost, the altcoin could drop to $39. Also, LUNA could drop 25 percent if the bears get support at $75.

According to the analyst, Algorand (ALGO), The Graph (GRT), The Sandbox (SAND) and Chainlink (LINK) are among the altcoins that face a worse crash, especially if Bitcoin (BTC) drops below $33,000. Algorand is a payment processing focused Blockchain while The Graph is an indexing protocol. Sandbox is a decentralized virtual gaming world, while Chainlink is a decentralized platform that combines blockchains with external data. According to the analyst, these altcoins may crash harder than others.


Altcoin Sherpa predicts a 42 percent correction for ALGO. The analyst sees a massive 86 percent correction for GRT. For SAND, on the other hand, a 71 percent decrease is expected. As for LINK, Altcoin Sherpa says a drop of around 60 percent is likely.

The analyst says that LINK, GRT, ALGO, and SAND could rise 50 percent to 200 percent or more when Bitcoin recovers.

   “Also, most of the charts for these altcoins are currently at support levels, so I still think a short-term recovery may come. Once BTC recovers a bit, I think these altcoins will gain 50+ percent to 50% depending on the level of recovery.”