A well-known cryptocurrency analyst believes that Solana (SOL), a smart contract platform and one of Ethereum’s top competitors, still has room to grow after its impressive 300% surge this year. Altcoin Sherpa, a pseudonymous crypto trader with a following of 194,200 on Twitter, predicts that SOL’s price will continue to rise until proven otherwise.
Altcoin Sherpa also mentions the uncertain fate of Solana’s holdings owned by bankrupt crypto exchange FTX. As of August 31st, these holdings were valued at $1.16 billion. Despite this uncertainty, Altcoin Sherpa believes SOL will continue its upward trajectory.
At the time of writing, Solana is being traded at $39.83, a significant growth from its initial price of $9.97 at the beginning of 2023.
Moving on to SushiSwap (SUSHI), a decentralized crypto exchange (DEX) platform, Altcoin Sherpa suggests accumulating this digital asset at $0.91, as the 0.5 Fibonacci level provides support. SUSHI is currently valued at $1.06.
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In his analysis, Altcoin Sherpa also recommends keeping an eye on Chainlink (LINK), a decentralized oracle provider. He suggests that traders should pay attention to the $9.50 price level for possible buying opportunities. At present, LINK is trading at $11.32.
As an additional note, it’s important to mention that the views expressed by Altcoin Sherpa are his own and not investment advice. Investors should conduct their own research and analysis before making any investment decisions.
In conclusion, Altcoin Sherpa believes that SOL, SUSHI, and LINK all have the potential for further growth. However, it is crucial for investors to remain cautious and keep track of market developments. Cryptocurrency investments carry risks, and thorough research and due diligence are necessary to make informed investment decisions.
