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Solana Prediction: Analyst Bullish On SOL, Time To Buy?
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SOL Prediction: Analyst Bullish On Solana, Time To Buy?

Rubmar Garcia
Rubmar Garcia
1 year ago
3 mins read

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Recently, renowned crypto analyst Altcoin Sherpa gave his positive outlook on Solana (SOL) in an X (former Twitter) post. The analyst reviewed the token’s recent behavior and shared his predictions for SOL’s performance.

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SOL Price Surges To $115 – Why Solana Could Rally Another 10%

1 year ago

Wait For The 20% Dip Or Buy Now?

In the X post, the pseudonym analyst suggested that the fifth cryptocurrency by market capitalization may see a bright 2024, surpassing the heights reached at the end of last year.

The chart displays SOL’s recent behavior, starting in late December 2023 when the cryptocurrency reached its highest price since early 2022. Based on the recent performance shown in the chart, the analyst expects SOL’s price to break above the key resistance levels. However, he predicts a price pullback and market selling during the highs of the price.

As the prediction shows, SOL’s price would surpass the $120 price range before facing a pullback. Then, the pattern would repeat itself, and the cryptocurrency’s price would reach the price level established in December. Following this uprise, the token’s price would face a small price correction before breaking above the $126 price range.

$SOL: It's a bizarre chart seeing this grind up slowly. I expect some sort of selling to happen around the highs given the length of time spent in between each peak but the entire market is still up only right now. I think that expecting any huge correction for #Solana is meh… pic.twitter.com/8VnHcJ4bNX

— Altcoin Sherpa (@AltcoinSherpa) February 18, 2024

Despite the small corrections seen in the prediction, the pseudonym analyst doesn’t forecast a huge correction happening soon and considers that expecting one is “meh for now.”

Further expressing his view on the possibility of a big price correction, the analyst agreed with a member of the crypto community. The X user highlighted that Solana “just came off a 35% drawdown from 125 to 80” and suggested that “by the time the next big correction comes, [the price] will be much higher than it is now.”

To the analyst, it seems more appropriate to buy SOL now and sit on it for the coming months instead of trying to wait for a 20% correction before buying:

Bullish on this one bigly going into 2024 and I think most would make more $ just buying here and sitting on this thing for months instead of trying to wait for the 20% correction.

Solana (SOL) Sees Green

The month of February has been filled with ups and downs for Solana. At the beginning of the month, Solana’s DeFi ecosystem reached an important milestone after the Solana-based decentralized exchanges (DEXs) surpassed Ethereum’s daily trading volume for the second time.

However, the blockchain saw its 11th outage in 2 years just a week after its DeFi ecosystem’s achievement, with the chain being down for almost five hours. Despite crypto investors’ concerns about the outage, Solana’s price rapidly recovered from the price drop.

SOL recently became the fourth-largest cryptocurrency by market capitalization after surpassing BNB on February 14; since then, Solana has gone back to the fifth spot, with its market capitalization sitting at $49.7 billion, an impressive 19.34% increase in the last month.

Solana’s trading volume in the last day has decreased by 9.20%. According to CoinGecko data, it sits at $1.5 billion, suggesting a recent fall in market activity.

At writing time, the crypto market is seeing green, and Solana’s cryptocurrency is not the exception. SOL is trading at $112.4, accounting for a 1.0% price surge in the last 24 hours and a notable 7.8% increase in the past week.

Related Reading

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Solana Surges: Open Interest Hits $1.75 Billion, Price Up 8% Today

1 year ago

SOL, SOLUSDT, Solana

SOL is trading at $112.90 in the hourly chart. Source: SOLUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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