Recently, the top altcoins, such as Ethereum, BNB, and Solana, have demonstrated remarkable performance. Notably, Solana has shown a seven-day change of 7.5%
Cryptocurrency investor Altcoin Sherpa recently shared his thoughts on Solana (CRYPTO: SOL) in his latest X post. Here's what you need to know if you're following the altcoin.
What Experts Think About Solana
Altcoin Sherpa's post mainly expresses what he thinks about the future of Solana. From the way the post portrays the potential future of Solana, it's clear that the crypto expert is very confident about the future of this altcoin.
The post highlights the exceptional retail experience Solana offers. Meanwhile, it's evident that he doesn't want his post to sound exaggerated, as the post mentions that he's uncertain if Solana will see significant buying activity.
He concludes the post declaring that he holds the digital asset long-term — perhaps an indirect way to encourage people to consider this asset when they think about a long-term cryptocurrency investment.
$SOL still looks ok to me; to be determined if it's going to be bid up heavily and lead. I think that it's still prob the best retail experience I dont really trade SOL too much and just hold it pic.twitter.com/AFPtXDuTMf
Solana Price Momentum: A General Analysis
At the start of the year, the Solana price was at $101.91. Between Feb. 24 and March 17, the market experienced a sharp upward surge, lifting the price from under $99 to above $200. On April 1, a massive downtrend hit the market, pulling the price to a low of $126.
Though between May 1 and May 20 and between July 5 and July 28, the market attempted to take the price as high as its yearly peak, it could not break the crucial level of $190 on both these occasions.
After each attempt, the market fell sharply. The drop that occurred between July 29 and Aug. 5 was the worst one, as during the period the price sharply dropped from around $184 to $129 in just eight days, driven by eight consecutive red candlesticks. At the beginning of this month, the SOL price was $135.
Throughout the month, the market has been in a sideways trend, ranging between $140 and $125. Interestingly, after the US Federal Reserve's interest rate cut implementation, the market began to climb aggressively.
Looking at the daily chart of Solana, it's evident that buyers took control of the market on Sept. 16, and on Sept. 18, they outperformed sellers. Now the price stands at $147.21. Considering this year's price momentum, the key level to watch for is $190. Many are now speculating on the next Solana price prediction to determine future movements.
In conclusion, the Solana chart does look promising As of now, we see nothing in the chart to question the credibility of the optimistic view presented by the Solana investor in his X post. Nevertheless, it's important to closely watch how the price responds at key levels, especially $160 and $190.
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