An Ethereum (ETH) competitor that has increased in value by over 300% this year still has opportunity to recover, according to a well-known cryptocurrency expert.
Pseudonymous Cryptocurrency Trader Altcoin Sherpa claims that unless proven differently, the smart contract platform Solana (SOL) will probably continue to appreciate in value based on the opinions of its 194,200 followers on social networking site X.
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The strategist adds that he is unsure of what would happen to Solana’s $1.16 billion in assets in the defunct cryptocurrency exchange FTX as on August 31.
“SOL: I believe that buy zones on dips are between $35 and $32.”Although I’m not sure what’s going on with the FTX supply, it ought to continue unless the opposite is demonstrated.
As of this writing, Solana is selling at $39.83, a whopping 300% rise from its early 2023 price of just $9.97.
Altcoin Sherpa notes that as the 0.5 Fibonacci level provides support, accumulating the digital asset around $0.91 appears to be a smart move when moving to the SushiSwap (SUSHI) Decentralised Crypto Exchange (DEX) Platform.
SUSHI is now worth $1.06 as of the time this article was written.
The cryptocurrency expert notes that traders should monitor the $9.50 price level of decentralised oracle provider Chainlink (LINK) as he wraps up his investigation.
“LINK: hurry up… Please let’s finish the remaining bids I have made. That is the $9.50 area. LINK’s current market price is $11.32 as of this writing.
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