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%. The performance of altcoins, especially Solana, has captured the attention of many. A cryptocurrency investor, identified as Altcoin Sherpa on X, has openly expressed his optimistic view about the future of Solana in his latest X post. If you are a Solana enthusiast, you won’t want to miss this!
Altcoin Sherpa’s Bullish Outlook
In his post, Altcoin Sherpa shared his optimistic view on Solana’s long-term potential. His confidence in the altcoin’s future is clear, though he stops short of making overblown claims. Sherpa acknowledges Solana’s excellent retail experience but admits uncertainty about whether it will spark significant buying activity in the short term. He wraps up his message by revealing that he’s holding Solana as a long-term investment—a subtle nudge for others to consider adding Solana to their portfolios if they’re thinking about long-term crypto investments.
$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— Altcoin Sherpa (@AltcoinSherpa) September 21, 2024
Solana’s Price Journey So Far in 2024
At the start of the year, Solana was priced at $101.91. The market saw a sharp upward rally between February 24 and March 17, propelling Solana’s price from below $99 to over $200. However, on April 1, the market was hit by a steep downturn, dragging the price down to $126. Although Solana made attempts to regain ground in early May and again in July, it failed to break past the key resistance level of $190 on both occasions.
Following these unsuccessful attempts, the market experienced sharp corrections. The most significant drop occurred between July 29 and August 5, when the price plunged from $184 to $129 within just eight days. This decline was driven by consecutive red candlesticks. By the start of September, Solana’s price was hovering around $135.
What’s Next for Solana?
Throughout September, Solana’s price has moved within a narrow range, fluctuating between $125 and $140. However, after the U.S. Federal Reserve’s interest rate cut, the market began to rally. By September 16, buyers had taken control, and by September 18, they were clearly outpacing sellers. Today, Solana sits at $147.21, with many eyes now on whether it will hit the critical $190 mark.
Solana’s chart continues to show promise. At present, there’s little reason to doubt Altcoin Sherpa’s positive outlook. However, the true test lies ahead as Solana approaches key price levels. Keep an eye on the $160 and $190 resistance zones, as they will likely shape the next chapter of Solana’s price movement.
Do you agree with Altcoin Sherpa’s bullish outlook on Solana? Share your perspective.
