Crypto analyst Jason Pizzino says he’s looking at four altcoins flashing signs of strength, which include Solana (SOL) and the memecoin Pepe (PEPE).
In a new strategy session, Pizzino tells his 327,000 YouTube subscribers that alongside SOL and PEPE, derivatives platform Pendle (PENDLE) and decentralized GPU rendering blockchain Render (RNDR) have strong-looking market structures.
According to Pizzino, Solana looks great against the US dollar.
“Solana against USD is holding up pretty damn well, we can see the low here and the 50% [retracement level] back down at $154, so still in a relatively strong position.”
Solana is trading for $162.09 at time of writing, a 3.3% decrease during the last 24 hours.
Moving on to PENDLE, Pizzino says the altcoin could be one of the stronger tokens during the next stage of the cycle.
“Pendle is still in a relatively strong position… I’m not suggesting that it goes straight up, it could take some time here, pause, come back down, and above. The main thing is it’s still above this major 50%, which potentially leads it to be a stronger altcoin come the next stage. If it breaks down, weaker altcoin, that simple.”
PENDLE is valued at $6.81 at time of writing.
Pizzino then brings up RNDR, saying the altcoin doesn’t look as strong as the rest of the bunch, but that it’s still holding up well against the US dollar.
“Still pretty decent on the chart at the moment and against the US dollar pairing. Just holding out here at $10 bucks, so still holding up relatively well.”
RNDR is trading for $10.08 at time of writing.
Concluding his analysis with meme asset Pepe, Pizzino says the memecoin is in a clear uptrend that may present good trading opportunities.
“Although [PEPE is] up, it’s still a strong altcoin to have a look at… Earlier this month, when it started to put in higher lows, it tested those tops and then took off from there, so [there are] great trading opportunities when you find strength in a market.”
PEPE is trading for $0.000016 at time of writing.
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Featured Image: Shutterstock/Yurchanka Siarhei
