26.9 C
July 19, 2024
BTC Hunts
Image default

Solana (SOL) is The Best Bet For Traders In Current Market Cycle – Here’s Why

The post Solana (SOL) is The Best Bet For Traders In Current Market Cycle – Here’s Why appeared first on Coinpedia Fintech News

Since the beginning of the year, Solana (SOL) has seen largely upward price movement. However, it has gone down and is now in the red as of this writing. Nonetheless, the token’s potential has been widely predicted by market watchers.

Experts Predict Massive Growth for SOL

Cantering Clark, a pseudonymous trader with 159,000 Twitter followers, recently shared a chart with his audience comparing the recent price movement of Solana (SOL) to that of Ethereum (ETH) in 2018.

As can be seen in the trader’s chart, after repeatedly touching a support level, both assets broke through it, formed a lower bottom, and recovered. Ethereum’s price rose from its 2018 low of $83 to its all-time high of $4,878 at the end of the year, a 5,777% increase. Based on SOL’s last close of $8.50 and the projection of a similar decline before the next bad market, a rebound to around $462 is likely.

In a recent edition of the Bankless Podcast, Chris Burniske, a co-founder of Placeholder VC, a venture financing company specializing in decentralized networks and Web3 applications, set out his bull case for Solana.

It’s hardly surprising that Burniske’s forecast is close to Clark’s, as he also sees parallels between SOL and Ethereum in 2018. He added that Solana is on the right track to harden its asset and will continue to do so, even if Ethereum is now a tougher asset.

The expert responded affirmatively when asked whether the SOL token will follow the same trajectory as Ether, which has become a type of money due to its shrinking availability. According to him, the return on investment for the individuals who are putting up cash in SOL is fairly low at 6% each year.

In any case, the fact that analysts think the SOL price may move up higher in the future and might join the current retest period is great news for buyers and sellers. Hence, with consistent purchasing, this cryptocurrency has the potential to increase by another 10% and test the $30 barrier level.

Related posts

Why Is Cardano The Worst Performer? Is The Hype Around ADA Price Dead?

Leslie Kim

These Altcoins May Drop 50% If Bitcoin Falls Below $17K! Here’s What Traders Can Expect

Leslie Kim

Bitboy Crypto Shares Rebuilding Strategy After Losing Altcoin Portfolio

Leslie Kim