The value of cryptocurrencies has plummeted after a busy weekend of Russian sanctions that brought the world closer to nuclear war. Ether has lost more than 6% of its value, dragging down the major cryptocurrency markets.
Ether rival Solana was the only winner, up about 7%, while Avalanche was down more than 7%. With the war in Ukraine continuing and the full impact of Russian sanctions being felt, cryptocurrency prices and markets are bracing for another tumultuous week.
Are these cottage coins being bottomed out?
$AXS $SOL: I think tokens that have fallen in November are closer to the bottom than tokens that spiked in January – ie. Something like AXS and SOL are closer to the bottom than something like $NEAR. Expect more chops, but these are relatively okay. pic.twitter.com/wUtVVp4TAC– Cottage Sherpa (@CottageSherpa) February 26, 2022
Solana (SOL), Axie Infinity (AXS) and a low-cap cryptocurrency are all starting to bottom out, according to a widely known cryptocurrency analyst.
After months of a downtrend, Pseudonymous analyst Cottage Coin Sherpa believes that trading in Solana and blockchain-based gaming platform Axie Infinity is approaching potential positive turnaround territory.
The bulls have already started their plans for Solana as the market showed the price of the cottage coin spiking to an intraday high of $96 and currently trading at $95.
Axie Infinity, on the other hand, has risen more than 2% in the last 24 hours and is currently trading at $50.
While Cottage Sherpa believes that all three cryptocurrencies are nearing the bottom, he believes that the ethereum extension solution Polygon (MATIC) is facing significant downside risks.