A widely followed trader believes that a layer-1 decentralized exchange (DEX) altcoin is gearing up for rallies to new all-time highs.
Pseudonymous analyst Altcoin Sherpa tells his 248,500 followers on the social media platform X that he thinks Hyperliquid (HYPE) looks very strong despite the recent marketwide correction.
The trader sees HYPE consolidating close to the highs for now before igniting a fresh leg up en route to a new record high.
“HYPE has insane strength right now, this one got bought up quickly. wouldn’t be surprised to see a bit more chop around here but $50+ is destined, even in these crazy times.”
At time of writing, HYPE is worth $40.44.
While Altcoin Sherpa is bullish on HYPE, he says he’s bearish on two Solana (SOL)-based memecoins. The trader notes that dogwifhat (WIF) and Popcat (POPCAT) are both in the midst of a downtrend and may drop to much lower levels if BTC fails to print new all-time highs.
“Moment of truth for many of these [coins] soon; that could have just been a lower high formed. It’s all going to be dependent on BTC. If we see it blast through the highs, we’re going up again. If not, alts probably go [down] another 30-50%. Can see some examples with WIF, POPCAT.”
Based on the trader’s chart, he seems to predict that POPCAT could fall to as low as $0.22. At time of writing, POPCAT is worth $0.31.
Looking at the trader’s chart, he seems to suggest that WIF could plunge to $0.60. At time of writing, WIF is trading for $0.839.
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