Recently, renowned crypto analyst Altcoin Sherpa gave his positive outlook on Solana (SOL) in an X (former Twitter) post. The analyst reviewed the token\u2019s recent behavior and shared his predictions for SOL\u2019s performance.<\/p>\n
In the X post, the pseudonym analyst suggested that the fifth cryptocurrency by market capitalization may see a bright 2024, surpassing the heights reached at the end of last year.<\/p>\n
The chart displays SOL\u2019s recent behavior, starting in late December 2023 when the cryptocurrency reached its highest price since early 2022. Based on the recent performance<\/a> shown in the chart, the analyst expects SOL\u2019s price to break above the key resistance levels. However, he predicts a price pullback and market selling during the highs of the price.<\/p>\n As the prediction shows, SOL\u2019s price would surpass the $120 price range before facing a pullback. Then, the pattern would repeat itself, and the cryptocurrency\u2019s price would reach the price level established<\/a> in December.\u00a0Following this uprise, the token\u2019s price would face a small price correction before breaking above the $126 price range.<\/p>\n $SOL<\/a>: It’s a bizarre chart seeing this grind up slowly. I expect some sort of selling to happen around the highs given the length of time spent in between each peak but the entire market is still up only right now. I think that expecting any huge correction for #Solana<\/a> is meh\u2026 pic.twitter.com\/8VnHcJ4bNX<\/a><\/p>\n \u2014 Altcoin Sherpa (@AltcoinSherpa) February 18, 2024<\/a><\/p>\n\n Despite the small corrections seen in the prediction, the pseudonym analyst doesn\u2019t forecast a huge correction happening soon and considers that expecting one is \u201cmeh for now.\u201d<\/p>\n Further expressing his view on the possibility of a big price correction, the analyst agreed with a member of the crypto community. The X user highlighted<\/a> that Solana \u201cjust came off a 35% drawdown from 125 to 80\u201d and suggested that \u201cby the time the next big correction comes, [the price] will be much higher than it is now.\u201d<\/p>\n To the analyst, it seems more appropriate to buy SOL now and sit on it for the coming months instead of trying to wait for a 20% correction before buying:<\/p>\n Bullish on this one bigly going into 2024 and I think most would make more $ just buying here and sitting on this thing for months instead of trying to wait for the 20% correction.<\/p>\n The month of February has been filled with ups and downs for Solana. At the beginning of the month, Solana\u2019s DeFi ecosystem reached an important milestone<\/a> after the Solana-based decentralized exchanges (DEXs) surpassed Ethereum\u2019s daily trading volume for the second time.<\/p>\n However, the blockchain saw its 11th outage in 2 years just a week after its DeFi ecosystem\u2019s achievement, with the chain being down for almost five hours. Despite crypto investors\u2019 concerns about the outage, Solana\u2019s price rapidly recovered from the price drop.<\/p>\n SOL recently became<\/a> the fourth-largest cryptocurrency by market capitalization after surpassing BNB on February 14; since then, Solana has gone back to the fifth spot, with its market capitalization sitting at $49.7 billion, an impressive 19.34% increase in the last month.<\/p>\n Solana\u2019s trading volume in the last day has decreased by 9.20%. According to CoinGecko data, it sits at $1.5 billion, suggesting a recent fall in market activity.<\/p>\n At writing time, the crypto market is seeing green, and Solana\u2019s cryptocurrency is not the exception. SOL is trading at $112.4, accounting for a 1.0% price surge in the last 24 hours and a notable 7.8% increase in the past week.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Recently, renowned crypto analyst Altcoin Sherpa gave his positive outlook on Solana (SOL) in an X (former Twitter) post. The analyst reviewed the token\u2019s recent behavior and shared his predictions for SOL\u2019s performance.<\/p>\n In the X post, the pseudonym analyst suggested that the fifth cryptocurrency by market capitalization may see a bright 2024, surpassing the heights reached at the end of last year.<\/p>\n The chart displays SOL\u2019s recent behavior, starting in late December 2023 when the cryptocurrency reached its highest price since early 2022. Based on the recent performance<\/a> shown in the chart, the analyst expects SOL\u2019s price to break above the key resistance levels. However, he predicts a price pullback and market selling during the highs of the price.<\/p>\n As the prediction shows, SOL\u2019s price would surpass the $120 price range before facing a pullback. Then, the pattern would repeat itself, and the cryptocurrency\u2019s price would reach the price level established<\/a> in December.\u00a0Following this uprise, the token\u2019s price would face a small price correction before breaking above the $126 price range.<\/p>\n $SOL<\/a>: It’s a bizarre chart seeing this grind up slowly. I expect some sort of selling to happen around the highs given the length of time spent in between each peak but the entire market is still up only right now. I think that expecting any huge correction for #Solana<\/a> is meh\u2026 pic.twitter.com\/8VnHcJ4bNX<\/a><\/p>\n \u2014 Altcoin Sherpa (@AltcoinSherpa) February 18, 2024<\/a><\/p>\n Despite the small corrections seen in the prediction, the pseudonym analyst doesn\u2019t forecast a huge correction happening soon and considers that expecting one is \u201cmeh for now.\u201d<\/p>\n Further expressing his view on the possibility of a big price correction, the analyst agreed with a member of the crypto community. The X user highlighted<\/a> that Solana \u201cjust came off a 35% drawdown from 125 to 80\u201d and suggested that \u201cby the time the next big correction comes, [the price] will be much higher than it is now.\u201d<\/p>\n To the analyst, it seems more appropriate to buy SOL now and sit on it for the coming months instead of trying to wait for a 20% correction before buying:<\/p>\n Bullish on this one bigly going into 2024 and I think most would make more $ just buying here and sitting on this thing for months instead of trying to wait for the 20% correction.<\/p>\n The month of February has been filled with ups and downs for Solana. At the beginning of the month, Solana\u2019s DeFi ecosystem reached an important milestone<\/a> after the Solana-based decentralized exchanges (DEXs) surpassed Ethereum\u2019s daily trading volume for the second time.<\/p>\n However, the blockchain saw its 11th outage in 2 years just a week after its DeFi ecosystem\u2019s achievement, with the chain being down for almost five hours. Despite crypto investors\u2019 concerns about the outage, Solana\u2019s price rapidly recovered from the price drop.<\/p>\nSolana (SOL) Sees Green<\/h2>\n
Wait For The 20% Dip Or Buy Now?<\/h2>\n
Solana (SOL) Sees Green<\/h2>\n