A closely followed crypto analyst says that 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 the social media platform X that he believes the smart contract platform will go much higher in the future, however, he warns traders of an upcoming dip after FTXs supply of SOL floods the market.
SOL: I still think that we go a bit lower. FTX supply coming here eventually and I think this move up is to bait some buyers. Would just be patient on Solana. Note: I think that this one is going to go much much higher in the future.
According to Altcoin Sherpa, investors should remain patient with Solana as the incoming cache of SOL tokens from bankrupt crypto exchange FTX will add to its supply. However, the trader notes that during the last month, SOL has been consolidating.
Although I think that you should still stay a bit patient given FTX supply is coming onto the market sometime (who knows when), Solana has also consolidated for a month in an overall macro healthy BTC (Bitcoin) upswing. In my opinion, this means you should at least be exposed now if you want in on this one.
Recommend you do a swing trade on this one and have entries from here all the way down to sub-$50. It also works great as an investment too, where you just hold this for six months+ and let it ride. High percentage chance it’s decently higher later.
Solana is trading for $66.36 at time of writing, a 4.7% increase during the last day and an increase of over 550% from its price of $9.97 at the start of 2023.
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