A widely followed cryptocurrency analyst and trader says an altcoin in the Solana (SOL) ecosystem is at a critical juncture.
The pseudonymous analyst known as Sherpa tells his 234,700 followers on social media platform X that the memecoin Popcat (POPCAT) is at a “do or die” level.
Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is generally considered a downtrend in technical analysis.
POPCAT is trading at $0.802 at the time of writing, up 21,147% since the January 5 low of $0.00379.
Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly fall below the $100,000 price.
“Bitcoin’s dominance has not yet diminished.
Ethereum has not yet been fully sent.
January is an incredibly bullish time for crypto.
(President-elect of the United States) Trump is pro-crypto, owns it, and has his own decentralized finance (DeFi) project.
….and you sell??
Bitcoin is trading at $100,624 at the time of writing. Bitcoin Dominance, the ratio of Bitcoin’s market cap to the rest of the crypto market, is currently at 54.7%, down several percentage points from the 2024 high of 58.99% recorded in the middle of last month.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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