Solana Poised for Further Upside, Analyst Says
A popular crypto analyst predicts that Solana (SOL), a competitor of Ethereum (ETH), is set to continue its upward rally. Altcoin Sherpa, an anonymous strategist, believes that the smart contract platform has significant potential for future growth. However, he warns traders of an impending dip in SOL’s price due to the influx of tokens from FTX, a bankrupt crypto exchange.
The analyst advises investors to exercise patience as the supply of SOL increases. Despite this, Altcoin Sherpa points out that SOL has been consolidating over the past month during a generally positive trend in the Bitcoin market. He suggests considering swing trading with entries ranging from the current price down to sub-$50. Alternatively, holding SOL as an investment for at least six months could also yield substantial gains.
Solana’s Current Price and Performance
At the time of writing, Solana is trading at $66.36, representing a 4.7% increase in the past day and a remarkable surge of over 550% since the beginning of 2023.
Hot Take: Solana Holds Promise Amidst Potential Dip
Solana has gained significant attention as a viable alternative to Ethereum, and according to one analyst, its rally is far from over. While there may be a temporary dip in price due to increased supply from FTX, the overall trajectory for Solana appears positive. Traders are advised to exercise patience and consider various entry points for swing trading or long-term investment. With its recent performance and potential for future growth, Solana holds promise as a top contender in the crypto market.
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