Crypto analyst Jason Pizzino says he’s looking at four altcoins showing signs of strength, including Solana (SOL) and the memecoin Pepe (PEPE).
In a new strategy session, Pizzino tells Its 327,000 YouTube subscribers have strong-looking market structures in addition to SOL and PEPE, the derivatives platform Pendle (PENDLE) and the decentralized GPU rendering blockchain Render (RNDR).
According to Pizzino, Solana looks great against the US dollar.
“Solana against the USD is holding up quite well, we can see the low here and the 50% [retracement level] back to $154, so still in a relatively strong position.”
Solana is trading at $162.09 at the time of writing, down 3.3% over the past 24 hours.
Further on in PENDLE, Pizzino says the altcoin could be one of the stronger tokens during the next phase of the cycle.
“Pendle is still in a relatively strong position… I’m not suggesting it goes straight up; it may take some time here, pause, come back down and up. Most importantly, it is still above this big 50%, potentially leading to it becoming a stronger altcoin in the next phase. If it breaks, weaker altcoin, simple as that.”
PENDLE is valued at $6.81 at the time of writing.
Pizzino then brings up RNDR, saying the altcoin doesn’t look as strong as the rest of the pack, but it’s still holding up well against the US dollar.
“Still pretty decent right now on the chart and compared to the US dollar. I’m just holding out here for $10 dollars, so it’s still holding up relatively well.
RNDR is trading at $10.08 at the time of writing.
Concluding his analysis with meme asset Pepe, Pizzino says that the memecoin is in a clear uptrend that could provide good trading opportunities.
“Although [PEPE is] up, it’s still a strong altcoin to watch… Earlier this month, when it started hitting higher lows, it tested those highs and then took off from there, so [there are] great trading opportunities if you find strength in a market.”
PEPE is trading at $0.000016 at the time of writing.
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Featured image: Shutterstock/Yurchanka Siarhei