It has been revealed that the Ethereum rival Solana is about to reach new heights. Check out the latest price prediciotns about the coin below.
SOL to explode in price
At the moment of writing this article, SOL is trading in the red, and the coin is priced at $71,51.
According to a popular crypto analyst, Solana (SOL), which is considered to be a rival of Ethereum (ETH), is preparing to continue its upward trend.
Altcoin Sherpa, a crypto strategist who has a following of 200,700 on X social media platform, suggests that the smart contract platform will see significant growth in the future.
However, he also warns traders of an upcoming dip due to the excessive supply of SOL from FTX that will flood the market.
“SOL: I still think that we go a bit lower. FTX supply coming here eventually and I think this move up is to bait some buyers. Would just be patient on Solana. Note: I think that this one is going to go much much higher in the future.”
Altcoin Sherpa suggests that Solana investors should exercise patience as the SOL token supply is set to increase with the arrival of tokens from FTX, a bankrupt cryptocurrency exchange.
However, the trader also observes that SOL has been consolidating over the past month.
“Although I think that you should still stay a bit patient given FTX supply is coming onto the market sometime (who knows when), Solana has also consolidated for a month in an overall macro healthy BTC (Bitcoin) upswing. In my opinion, this means you should at least be exposed now if you want in on this one.”
The analyst continued and said this:
“Recommend you do a swing trade on this one and have entries from here all the way down to sub-$50. It also works great as an investment too, where you just hold this for six months+ and let it ride. High percentage chance it’s decently higher later.”