A closely watched crypto analyst says Ethereum (ETH) rival Solana (SOL) is gearing up to continue its rally to the upside.
Pseudonymous crypto strategist Altcoin Sherpa tells His 200,700 followers on social media platform
“SOL: I still think we’ll go a little lower. FTX offerings are coming here eventually and I think this increase is intended to entice some buyers. I would just be patient with Solana. Please note: I think this will go much higher in the future.”
According to Altcoin Sherpa, investors should stay patient having Solana as the incoming cache of SOL tokens from bankrupt crypto exchange FTX will increase supply. However, the trader notes that SOL has consolidated over the past month.
“While I think you still need to remain a bit patient as FTX’s offering comes to market at some point (who knows when), Solana has also consolidated for a month in an overall macro-healthy rebound in BTC (Bitcoin) . In my opinion, this means that you need to at least be exposed now if you want to participate in this.
I recommend you take a swing trade on this and access it under $50 from here. It also works great as an investment where you just hold this for 6 months+ and let it ride. High percentage chance that it will be quite higher later.
Solana is trading at $66.36 at the time of writing, up 4.7% over the last day and up more than 550% from its price of $9.97 at the start of 2023.
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