Is it Time to Buy Solana (SOL) with Its Recent Surge?
With the recent surge of 17%, Solana has reached $55, extending its weekly gains to 35% and monthly gains to 150%. But should you invest in SOL now?
FOMO for Buying into Solana
The price rally has been impressive, but some investors are experiencing FOMO. The price of SOL has tripled since September, surpassing the 2021 resistance of $53 and reaching $55.
Will SOL Sustain the Highs?
While some investors believe that SOL could gain another 10-15% and reach $61, others are cautious about its sustainability. Analysts warn against making fresh entries due to potential retail traps and advise waiting for a significant correction before investing.
On-Chain Data and Grayscale Solana Trust
On-chain data shows high funding rates for Solana, but they have not reached a ‘danger zone.’ Additionally, the Grayscale Solana Trust is trading at a 300% premium to the spot price, indicating significant institutional participation in SOL.
Hot Take: Proceed with Caution
Solana’s recent surge has caught the attention of many investors, but caution is advised. While the rally has been impressive, it may not be sustainable in the long run. It’s essential to do thorough market research and consider waiting for a significant correction before investing in SOL.
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