The analyst, nicknamed Altcoin Sherpa, who made a name for himself with his predictions in the crypto money markets, shares his analyzes with his twitter followers, which are approaching 170,000.
Altcoin Sherpa, the popular altcoin project Solana (SOL), which stands out as a competitor to Ethereum (ETH), Axie Infinity (AXS), one of the leading GameFi projects, and a low-capacity altcoin are near the bottom. The analyst also provides forecasts for MATIC and LOOKS.
“Altcoin Sherpa” told his twitter followers he believes Solana and blockchain-based gaming platform Axie Infinity are trading close to potential bullish reversal zones after going through several months of downtrends.
"$AXS $SOL: I think that coins that were already downtrending back in November are closer to their bottoms than coins that pumped hard in January- ie. stuff like AXS and SOL are more bottomed out than something like $NEAR. Expecting more chop but for these to be ok relatively."
Important institutions such as Bank of America made pleasing comments about Solana. According to many analysts, Solana has the potential to become the 'new Visa' of the cryptocurrency ecosystem, surpassing its biggest rival Ethereum.
Sherpa is also keeping a close eye on the non-tradable token (NFT) marketplace LookRare (LOOKS). According to altcoin Sherpa, LOOKS could potentially drop to $1 after losing more than 85% of its value in a month.
"$LOOKS: I think the bottom is close to being in the short term. Then again, I said that many times and I was wrong each time LOL. This time *might* be different?
-$1 psychological level
-buyers seem to be stepping in +btc looks ok in the short term"
Altcoin Sherpa believes the bottom is near for these three altcoins, while Ethereum scaling solution Polygon (MATIC) says it faces serious downside risks. “MATIC: It wouldn't be surprising to see this eventually go up to $1,” Sherpa says.