Solana Gains Momentum as Experts Show Confidence in Its Future

Solana has recently shown impressive performance, recording a 7.5% increase over the past seven days. Cryptocurrency investor and expert, Altcoin Sherpa, shared his optimistic view on Solana's future in a recent post on X (formerly Twitter). In his post, he praised Solana for its excellent retail experience and expressed confidence in the long-term potential of the digital asset, although he remains cautious about significant short-term buying activity. Despite the uncertainty, Altcoin Sherpa disclosed his long-term position in Solana, indicating his belief in the asset’s future growth.

Solana Price Analysis and Key Levels to Watch

Solana’s price momentum throughout 2023 has been marked by volatility. At the start of the year, Solana traded at $101.91, reaching a peak of over $200 in mid-March. However, a sharp downtrend followed in April, dropping the price to $126. Despite attempts to recover in May and July, Solana couldn’t break the $190 resistance level. The most significant decline occurred between late July and early August when the price fell from $184 to $129 in just eight days.

Currently, Solana’s price stands at $147.21, driven by aggressive buying after the U.S. Federal Reserve implemented an interest rate cut. The key levels to monitor are $160 and $190, as breaking these levels could signal further bullish momentum.

What’s Next for Solana?

Solana’s chart shows promise, aligning with Altcoin Sherpa’s positive outlook. As buyers continue to gain control, Solana’s potential to rise above critical levels remains strong. Investors are advised to watch these key price points to gauge Solana’s next moves in the market.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Solana Gains Momentum

Sujit Kumar

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.