Analyst cites 3 cryptocurrencies to watch in February
2 min readThe cryptocurrency market in general is not very encouraging, but trader and analyst known as Altcoin Sherpa believes that some cryptocurrencies could stand out in February.
More precisely, he listed in a video recent Solana (SOL), Chainlink (LINK) and Axie Infinity (AXS) as altcoins to watch this month.
Solana (SOL)
The first cryptocurrency cited by him was the smart contract platform Solana. While bullish on SOL, Altcoin Sherpa believes the cryptocurrency’s price must retreat from the current $97.02 to around $65 before it can start a bullish rally towards its target of $140.
“I would just like to see this area [US$ 60 or $ 70] be exploited multiple times and then form some sort of bottom and probably go up, hit that high volume node again around $140 and probably come back down.”
If the trader’s prediction comes true, it will be a rise of more than 40% from the current price of the cryptocurrency.
Chainlink (LINK)
Second, the trader said he is confident in cryptocurrency LINK, from decentralized oracle network Chainlink.
As Sherpa highlighted, the altcoin is trading close to an important support area:
“You can probably just look to buy LINK at any low. I think it is possible that we could see it return lower as well to $15, forming a double bottom on the chart. But for me, [LINK] looks very strong,” he said in the video.
For the trader, the $14 range is a good option to consider buying the cryptocurrency. Its first price target is $20, 26% above the current cryptocurrency price ($15.87).
Axie Infinity (AXS)
Finally, the trader also expressed optimism about the AXS token from the blockchain-based game Axie Infinity.
As Altcoin Sherpa highlighted, the crypto asset should start a strong rally as it is respecting support at $45.
“You can still see it double in price, something like $45 to $90 or some of those levels above. It is certainly possible for that to happen.”
At the time of writing, AXS is trading at $47.44. So, if the forecast of $90 is confirmed, it will be a rise of almost 90%.
But while Altcoin Sherpa is currently bullish on AXS, he doesn’t expect the token to print a new all-time high ($165) anytime soon.
