Ethereum (ETH) rival Solana (SOL) is poised to continue its upward trend, a cryptocurrency analyst said.
Pseudonym: Cryptocurrency Strategist Altcoin Sherpa says He told his 200,700 followers on social media platform
“SOL: I think it’s still going to go down a bit further. Eventually FTX supply will come here and I think this move is just to entice some buyers. I’ll be patient with Solana. Note: I think this will go much higher in the future.”
According to Altcoin Sherpa, investors should be patient It will be using Solana as an incoming cache of SOL tokens from bankrupt cryptocurrency exchange FTX to add to its supply. However, traders note that SOL has been consolidating over the past month.
“I think we still need to be patient considering FTX supply will hit the market at some point (who knows when?), but Solana has been consolidating the overall macro healthy BTC (Bitcoin) rally for the month. In my opinion, this means that if you want to get into this, you should at least get exposed now.
I recommend taking a swing trade on this and having items down to under $50 here. It also works great as an investment. You can keep it for at least 6 months and leave it as is. There is a high probability that it will increase significantly later.”
Solana is trading at $66.36 at the time of this writing. This is a 4.7% increase over the past day and an increase of more than 550% from the $9.97 price at the beginning of 2023.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock/Sergey Nivens/WhiteBarbie