A widely followed crypto analyst says that one Ethereum (ETH) rival that’s skyrocketed by over 300% this year still has more room to rally.
Pseudonymous crypto trader Altcoin Sherpa tells his 194,200 followers on the social media platform X that smart contract platform Solana (SOL) will likely continue surging up in price until proven otherwise.
The strategist also says he’s not sure what will become of bankrupt crypto exchange FTX’s holdings of Solana worth $1.16 billion as of August 31st.
“SOL: I think that $35-$32 are buy-the-dip zones. I don’t know what happens with FTX supply but this should keep running until shown otherwise.”
Solana is trading for $39.83 at time of writing, a staggering 300% rise since the start of 2023 when it was moving for just $9.97.
Moving on to the decentralized crypto exchange (DEX) platform SushiSwap (SUSHI), Altcoin Sherpa says that accumulating the digital asset at $0.91 seems like a good idea with the 0.5 Fibonacci level offering support.
“SUSHI: I think buying $0.91 seems pretty solid. S/R(support and resistance) level, etc.”
At time of writing, SUSHI is worth $1.06.
The crypto strategist concludes his analysis by noting that traders should keep an eye on the $9.50 price level of the decentralized oracle provider Chainlink (LINK).
“LINK: come on… let’s fill the rest of my bids, please. $9.50 is the area.”
At time of writing, LINK is trading for $11.32.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here