Analyst: Solana (SOL) is Ready for a Strong Bull Market, Target Price at $250 - COINTURK NEWS
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Analyst: Solana (SOL) is Ready for a Strong Bull Market, Target Price at $250

9:33 am (68 days ago)
October 3, 2023

Experienced crypto analyst and trader Inmortal stated that Solana‘s native asset SOL is preparing for a strong bull market. The analyst predicts that the price of SOL will increase more than 10 times in the next 2 years.

Analyst’s Target Level for SOL: $250

Anonymous crypto analyst and trader Inmortal mentioned on social media platform X that Solana provides a maximum opportunity for long-term investors to accumulate the altcoin at its peak. The analyst expects SOL to reach $250 in the long term.

According to the crypto analyst, those who accumulate SOL now will likely be rewarded in the coming years. The analyst said, “In two years, you will realize that everything is as simple as buying SOL below $20 and waiting. I know you were scared at some point because you thought FTX would dump some of its SOL holdings.”

Inmortal stated that Solana’s recent rally is an indication of how SOL will move in the next few years and said:

This rally is just an example of how SOL will move in the coming years. This was the most hated rally so far.

As of the time of writing this article, SOL is trading at $23.70 with a 2.02% decrease in the last 24 hours, losing some of the gains it made during its recent rally. The popular altcoin, which reached its all-time high (ATH) at $260.06 on November 7, 2021, is currently trading 90.88% below its ATH.

The Misconception about FTX’s SOL Holdings

In court documents published last month, it was revealed that bankrupt crypto exchange FTX holds $1.16 billion worth of SOL. This information caused many investors, especially SOL investors, to sell their holdings in anticipation of a sharp price drop if the bankrupt crypto exchange liquidates its assets.

Despite this expectation, prominent investor Chris Burniske emphasized that only a portion of the SOL held by the crypto exchange is liquid, stating, “Only about 13% of FTX’s SOL holdings are liquid,” highlighting that the situation is not as it seems.

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