Anonymous crypto currency analyst known for his predictions, Altcoin Sherpa, who is given the recognition with the realization of his predictions, has stated that the rise in Solana (SOL), which is considered the strongest competitor of the biggest smart contract platform Ethereum (ETH), will continue. The analyst also gave the best buying range for the altcoin.
“Rising Feeds Investors”
Crypto currency analyst Altcoin Sherpa emphasized on his personal account on the social media platform X (formerly known as Twitter) that he believes the leading smart contract platform Solana will rise to much higher levels in the future. Despite this expectation, the analyst warned that there could be a significant drop after the crypto currency exchange FTX, which went bankrupt, fills the market with SOL it holds:
I still think we will fall a little more. FTX’s supply will eventually hit the market and I think this rise is to feed some buyers. It is necessary to be patient with Solana. I should also mention that I believe SOL will rise much higher in the future.
According to the analyst, the sale of SOL held by the crypto currency exchange FTX will cause a serious selling pressure on the price of the altcoin. In this respect, SOL investors need to be patient and calm.
He Shared the Best Buying Range for SOL
On the other hand, Altcoin Sherpa underlined that the levels between 65 dollars and below 50 dollars could be the best buying points, stating that SOL consolidated throughout last month:
Although I think we need to be patient for a while since FTX’s supply will enter the market at a certain time, Solana has consolidated for a month during the healthy macro view BTC (Bitcoin) rise. In my opinion, this means that you need to invest at least now if you want to be included in this. I advise you to make piecemeal purchases in this transaction and buy it down to 50 dollars. At the same time, it would be great if you hold it for more than six months. Because there is a high probability that the price will increase even more later.
Solana is trading at 72.21% in the last 24 hours as of the preparation of this article. At current prices, SOL is just above the level around 68.5 dollars, which the analyst showed as the peak point in his chart, by expecting a pullback.
