Ethereum Rival Solana Set for a Minimum 70% Surge, According to Crypto Analyst

A Crypto Analyst Predicts Solana Will Surge in 2024

A popular crypto analyst believes that Solana (SOL), a competitor of Ethereum (ETH), will experience significant growth in 2024. According to the pseudonymous trader Altcoin Sherpa, Solana’s value will likely increase by at least 72% next year. The analyst suggests that Solana could dip to $48.79 or $42.80 before experiencing a massive surge. Currently, Solana is trading at $57.47, showing a 6% increase in the last 24 hours.

Chainlink and Blur Also Show Potential

Altcoin Sherpa also shares insights on other cryptocurrencies. The trader predicts that Chainlink (LINK), a decentralized oracle provider, could dip down to Fibonacci levels of $11.15 or $12 before potential gains. Chainlink is currently trading at $14.29, with a 1.3% increase in the last 24 hours. Additionally, the native asset of the NFT marketplace Blur (BLUR) could challenge higher resistance levels, with possibilities of reaching $0.60 and $0.75 during its current run. BLUR is currently trading at $0.50, showing a 3.5% increase in the last 24 hours.

Sideways Trading Environment Expected for Cryptocurrency Market

Altcoin Sherpa suggests that the broader crypto market will likely experience a sideways trading environment for the time being. The trader expects Bitcoin (BTC) to break out soon and outperform altcoins, although Bitcoin’s current price action is considered boring and not conducive to trading opportunities.

Hot Take: Solana’s Potential Surge

According to crypto analyst Altcoin Sherpa, Solana has strong potential for a significant surge in value in 2024. The trader predicts that Solana could increase by at least 72% next year, potentially reaching three-digit figures. Altcoin Sherpa also provides insights on Chainlink and Blur, suggesting possible dips before potential gains. However, the broader crypto market is expected to remain in a sideways trading environment for now. Bitcoin’s price action is considered unexciting, although it is anticipated to outperform altcoins in the near future.