The popular cryptocurrency analyst and strategist believes that ethereum rivals Solana (SOL), Axie Infinity (AXS) and low-value cottage coins may be about to hit bottom.

In a post on his Twitter account, the analyst, who goes by the pseudonym Sherpa, argued that Solana (SOL) and blockchain-based gaming platform Axie Infinity (AXS) are about to turn a potentially bullish turn after months of downtrends.

"AXS SOL: I think the tokens that were already bearish in November are closer to the bottom than the cottages that rose sharply in January. Cottage coins like AXS and SOL are lower than those like NEAR."



At press time, Solana was trading at $85.40, down 5.07% in the last 24 hours. Axie Infinity is currently worth $48.13.

The cryptocurrency strategist also revealed that he is keeping a close eye on the non-tradable token (NFT) market LookRare (LOOKS). According to cryptocurrency Sherpa, LookRare (LOOKS) believes it could fall to $1 after losing more than 85% of its value in a month.


At the time of writing, LOOKS is trading at $1.02, slightly above the $1.00 support level of the cryptocurrency Sherpa.

Cryptocurrency Sherpa believes these three cryptocurrencies are about to bottom out, while Polygon, the extended ethereum solution (MATIC), says it faces downside risk.

"MATIC: It would not be surprising to see an eventual drop to $1."


Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Each investment decision is the responsibility of the individual. Finally, KoinFinans and the author of this content are not responsible for individual investment decisions.