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Traders say L1 altcoins are "destined" to set new historical highs, warning that WIF and POPCAT may see a 50% pullback.
Gate News bot message, anonymous analyst Altcoin Sherpa told his 248,500 followers on social media platform X that he believes Hyperliquid (HYPE) looks very strong, despite recent market adjustments.
Traders believe that HYPE will consolidate near the current high point and then launch a new round of increases, reaching a historical high. "HYPE is incredibly strong right now and will soon be acquired. I wouldn't be surprised if the volatility here increases slightly, but even in this crazy period, it is destined to be above 50 dollars."
Although Sherpa is optimistic about HYPE, he stated that he is bearish on two meme coins based on Solana (SOL). The trader pointed out that dogwifhat (WIF) and Popcat (POPCAT) are both in a downtrend, and if BTC fails to reach a new all-time high, they could drop to lower levels.
He believes that for many of these types of coins, a critical moment is approaching quickly; this may just have formed a lower high. Everything will depend on BTC. If we see it break the high, the price will rise again. If not, altcoins could fall another 30% to 50%. WIF and POPCAT are some examples.
Source: DailyHodl