A prominent crypto analyst has shared a bullish outlook for a non-fungible token (NFT)-related altcoin, suggesting it has the potential to revisit its previous all-time highs. In a recent discussion with his large following on social media platform X, the pseudonymous analyst, known as Altcoin Sherpa, highlighted Pudgy Penguins (PENGU) as an altcoin that has witnessed impressive gains of over 800% in the last five months.
According to Sherpa, PENGU experienced a downtrend for roughly one and a half months, trading around the 0.50 Fibonacci retracement level before showing signs of recovery. He noted, “I’ve finally got a position when it flipped the .382 Fibonacci level and I took a tiny bit of profit. I’m going to keep maintaining this position and will look to add on any dips. I think it eventually goes back to the highs again.” At the time of the update, PENGU was trading at $0.0358, reflecting a daily increase of 5.9%, compared to a value of $0.00372 just five months prior.
Shifting focus, Sherpa recommended that investors consider taking long positions on the smart contract platform Solana (SOL), advising them to buy more during price dips. He stated, “SOL they are telling you that they are buying billions of dollars and you are fading? You can long this with infinite size and buy any dip on it.” He believes that SOL could surpass the $250 mark.
In his analysis of Ethereum (ETH), Sherpa expressed a more cautious outlook. He acknowledged that while Ethereum has been experiencing a stable performance over the last two weeks, he does not expect it to match Solana’s growth. He remarked, “ETH has been chopping the last 2 weeks and still looks ok to me. While I don’t think it performs as well as SOL… I still think that it’s ok.”
At the time of the analysis, Solana was priced at $239. Investors are reminded to conduct their own research and exercise caution when engaging in high-risk investments in cryptocurrencies and digital assets, as losses are ultimately the responsibility of the investor.
