A widely followed crypto analyst says an Ethereum (ETH) rival that is up more than 300% this year still has more room to rise.
Pseudonymous crypto trader Altcoin Sherpa tells With its 194,200 followers on social media platform X, smart contract platform Solana (SOL) will likely continue to rise in price until proven otherwise.
The strategist also says he is unsure what will happen to the bankrupt Solana crypto exchange FTX’s $1.16 billion assets as of August 31.
“SOL: I think $35-$32 are buy-the-dip zones. I don’t know what’s happening with the FTX offering, but this should continue to work until proven otherwise.”
Solana is trading at $39.83 at the time of writing, a staggering 300% increase since early 2023, when the stock was trading at just $9.97.
We move on to the decentralized crypto exchange platform (DEX) SushiSwap (SUSHI), Altcoin Sherpa say that accumulating the digital asset at $0.91 seems like a good idea as the Fibonacci level of 0.5 provides support.
“SUSHI: I think buying at $0.91 seems pretty solid. S/R level (support and resistance), etc.”
At the time of writing, SUSHI is worth $1.06.
The crypto strategist concludes his analysis with noticing that traders should keep an eye on the $9.50 price level of decentralized oracle provider Chainlink (LINK).
“LINK: Come on… let’s fill out the rest of my bids, please. $9.50 is the area.”
At the time of writing, LINK is trading at $11.32.
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Generated image: Midjourney