Solana Poised for Significant Upswing, Analyst Warns of a Crucial Catch

Highly regarded crypto analyst Altcoin Sherpa anticipates a continued upward trajectory for Ethereum competitor Solana (SOL). 

Addressing his substantial following on X, Altcoin Sherpa expresses confidence in Solana’s potential for significant future gains but issues a cautionary note regarding an impending dip. He suggests that FTX’s influx of SOL tokens into the market could trigger a temporary downturn. Despite this, Altcoin Sherpa advises patience, highlighting Solana’s month-long consolidation period within a broader positive trend in Bitcoin. 

The analyst recommends a strategic approach, proposing a swing trade with entry points ranging from current levels to sub-$50. He also suggests the option of long-term investment, projecting a high likelihood of substantial gains in the coming months. As of the latest update, Solana is trading at $66.36, marking a 4.7% increase in the last day and an impressive 550% surge from its 2023 starting price of $9.97.

Clever Robot News Desk 8^th December 2023