Recently, renowned crypto analyst Altcoin Sherpa gave his positive outlook on Solana (SOL) in an X (former Twitter) post. The analyst reviewed the token’s recent behavior and shared his predictions for SOL’s performance.
Wait For The 20% Dip Or Buy Now?
In the X post, the pseudonym analyst suggested that the fifth cryptocurrency by market capitalization may see a bright 2024, surpassing the heights reached at the end of last year.
The chart displays SOL’s recent behavior, starting in late December 2023 when the cryptocurrency reached its highest price since early 2022. Based on the recent performance shown in the chart, the analyst expects SOL’s price to break above the key resistance levels. However, he predicts a price pullback and market selling during the highs of the price.
As the prediction shows, SOL’s price would surpass the $120 price range before facing a pullback. Then, the pattern would repeat itself, and the cryptocurrency’s price would reach the price level established in December. Following this uprise, the token’s price would face a small price correction before breaking above the $126 price range.
$SOL: It’s a bizarre chart seeing this grind up slowly. I expect some sort of selling to happen around the highs given the length of time spent in between each peak but the entire market is still up only right now. I think that expecting any huge correction for #Solana is meh… pic.twitter.com/8VnHcJ4bNX
— Altcoin Sherpa (@AltcoinSherpa) February 18, 2024
Despite the small corrections seen in the prediction, the pseudonym analyst doesn’t forecast a huge correction happening soon and considers that expecting one is “meh for now.”
Further expressing his view on the possibility of a big price correction, the analyst agreed with a member of the crypto community. The X user highlighted that Solana “just came off a 35% drawdown from 125 to 80” and suggested that “by the time the next big correction comes, [the price] will be much higher than it is now.”
To the analyst, it seems more appropriate to buy SOL now and sit on it for the coming months instead of trying to wait for a 20% correction before buying:
Bullish on this one bigly going into 2024 and I think most would make more $ just buying here and sitting on this thing for months instead of trying to wait for the 20% correction.
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