A widely followed crypto strategist is warning about the altcoin market as projects like Chainlink (LINK) correct.
Pseudonymous analyst Altcoin Sherpa tells his 214,900 followers on the social media platform X that most altcoins may enter a months-long consolidation phase.
“It’s quite possible that altcoins are done for the next one to four months. There are certainly going to be outliers, but I think that the majority need time to chill out and consolidate after such a big run.”
The analyst says that Chainlink, a provider of decentralized oracle services for smart contracts, is illustrative of other alts. LINK is correcting after 4x gains following a lengthy accumulation phase, according to the analyst.
“The scary thing is that many alts didn’t even run that hard over the last few months. Look at coins like LINK. 500-plus days in accumulation and only a 3x-4x gain (depending where you got in) and now price is strongly pulling back.”
Source: Altcoin Sherpa/X
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