A popular crypto trader believes the layer-1 decentralized exchange (DEX) altcoin Hyperliquid (HYPE) is poised for a rally to new all-time highs despite recent market corrections.
Known as Altcoin Sherpa on social media platform X, the analyst told his 248,500 followers that HYPE shows significant strength and is currently consolidating near its peak before a potential surge.
“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,” Altcoin Sherpa said.
At the time of writing, HYPE trades at $40.44.
While bullish on HYPE, Altcoin Sherpa expressed a negative outlook on two Solana (SOL)-based memecoins, dogwifhat (WIF) and Popcat (POPCAT). He warned these coins could suffer significant declines if Bitcoin (BTC) fails to reach new 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,” he said.
The trader’s charts indicate POPCAT could drop as low as $0.22 from its current price of $0.31. WIF could fall to approximately $0.60, down from around $0.839.
This analysis highlights the ongoing sensitivity of altcoins to Bitcoin’s price movements and underscores varied prospects within the cryptocurrency market.