Hyper Bullish on Solana Going into 2024
If you are considering investing in the cryptocurrency market, you should be aware that a popular cryptocurrency trader, Altcoin Sherpa, recently asserted his “hyper bullish” stance on the smart contract platform Solana (SOL) as he looks ahead to 2024. After analyzing Solana’s performance vis-a-vis leading smart contract platform Ethereum (ETH).
Fast Recovery from Bear Market
In a post shared on X, formerly known as Twitter, Altcoin Sherpa pointed out that Solana’s price has soared over 990% so far this year, effectively erasing the bear market in just a few months.
Impressive Price Rise
In recent months, Solana has overtaken Binance’s BNB to become the fourth largest digital asset by market capitalization, trailing only Bitcoin, Ethereum, and Tether’s USDT.
Solana’s Recovery and Growth
Currently, Solana has a market capitalization of $48.59 billion, surpassing BNB’s $45.2 billion. It has been recovering from the FTX cryptocurrency exchange collapse, which was linked to its founder, Sam Bankman-Fried, who was found guilty of wire fraud and money laundering.
Solana’s Growing Ecosystem
The Solana ecosystem has been experiencing growth and adoption, as demonstrated by the successful sales of its Saga smartphone, which was further boosted by a lucrative 30 million BONK token airdrop with each purchase.
Predicting a Major Surge
Analysts predict that SOL has the potential to see a continuous rise, with a major surge expected in the near future. A popular cryptocurrency strategist who predicted Bitcoin’s 2018 bear market bottom has also made bullish statements about Solana.
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