Solana

Sherpa

THORChain

Chainlink

Avalanche

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 A closely followed crypto strategist believes that four altcoins including Solana (SOL), Chainlink (LINK) and Avalanche (AVAX) will witness a bearish December.
 Pseudonymous analyst Altcoin Sherpa tells his 198,900 followers on the social media platform X that he thinks SOL, LINK and AVAX will likely give up some of their gains before the next leg up.
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 According to the trader, he expects the three coins to drop to their respective 0.382 Fibonacci levels where they could potentially form a strong base to set the stage for rallies at the start of 2024.
 “Many 0.382 Fibonacci levels + 200 exponential moving average (four-hour chart) are <a rel="noopener noreferrer nofollow" title="coming" href="https://thebittimes.com/tag/coming.html">coming</a> up on some of the best coins: LINK, SOL, AVAX.
 These areas + the 0.50 Fibonacci level are the regions I’m eyeing.
 Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong move in January for many of these.”
 Starting with the smart contract platform Solana, the trader thinks that SOL could drop to $48.72.
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_9-fYQWMAA1wPo?format=jpg&amp;name=4096x4096" alt="Image" width="2475" height="1191">
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 Source: Altcoin Sherpa/X
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 At time of writing, SOL is trading for $58.13.
 Looking at Avalanche, another smart contract protocol, the trader thinks it could correct down to $18.54.
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_9-fYRXoAAmoB-?format=jpg&amp;name=4096x4096" alt="Image" width="2475" height="1191">
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 Source: Altcoin Sherpa/X
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 At time of writing, AVAX is worth $20.94.
 As for the decentralized oracle network Chainlink, Altcoin Sherpa predicts a retracement toward the $12.44 level.
 <figure style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_9-fYQW4AAuBHc?format=jpg&amp;name=4096x4096" alt="Image" width="2475" height="1191">
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 Source: Altcoin Sherpa/X
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 At time of writing, LINK is trading for $14.61.
 Altcoin Sherpa is also keeping a close watch on the decentralized exchange protocol THORChain (RUNE). The trader believes that RUNE is also in the same boat as SOL, AVAX and LINK.
 “RUNE: Same setup as the others…would love to see a 0.382 [Fibonacci level] tap +200 exponential moving average on the four-hour chart.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_-pduMX0AAQG0o?format=jpg&amp;name=4096x4096" alt="Image" width="2475" height="1191">
 <figcaption class="wp-caption-text">
 Source: Altcoin Sherpa/X
 </figcaption>
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 Looking at the trader’s chart, he seems to predict that RUNE will fall to $4.48. At time of writing, RUNE is worth $6.07.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-trader-warns-slow-grind-down-incoming-for-solana-chainlink-avalanche-and-one-defi-altcoin-tbt72122.html">https://thebittimes.com/crypto-trader-warns-slow-grind-down-incoming-for-solana-chainlink-avalanche-and-one-defi-altcoin-tbt72122.html</a>

Crypto Trader Warns Slow Grind Down Incoming for Solana, Chainlink, Avalanche and One DeFi Altcoin

TheBitTimes

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