The famous crypto analyst Altcoin Sherpa expressed his positive views on Solana (SOL), thus, he attracted and made the cryptocurrency community excited. In a recent X post, the analyst revealed that Solana is at a place for a higher move, but it all depends on the success of breaking out from its current trading range which is $120-$150. He observed that although the chart looks good, more action is needed to be done in order to confirm this bullish trend.
Sherpa’s analysis is based on the recent market behavior of Solana, which was a month-long time when it did not change. The phase of price stability and less volatility is the evidence that cryptocurrency has entered a healthy period. Sherpa states that this period of consolidation has strengthened SOL’s chart, thus it is more stable and resistant to market ups and downs. He underlined that the consolidation phases are very important as they usually precede a significant upward movement.
Source: Chart by Altcoin Sherpa
Analyst Recommends Solana Accumulation
Emphasizing the significance of strategic accumulation, Sherpa said that investors should purchase more Solana in this favorable time. He was very positive about the future of SOL, saying that those who gather now could have huge profits in the future. His advice is worth hearing mainly because Solana has a good record and it is known for its technological progress.
The analyst’s views are timely as the cryptocurrency market is currently in a state of different dynamics. Some assets are under the downward pressure while others show resilience and growth potential. The recent price movement and the consolidation of Solana have put it in this group, which is a good sign for bullish investors who want to take advantage of the opportunity.
SOL is now at the price of $167.75, reflecting a 2.40% growth in the last 24 hours. There has been 9.39% increase in the last week. Furthermore, the 24-hour trading volume for Solana has increased to $3,155,843,425.31, which is the level of trading that has been reached and shows an even more increased investor interest in this cryptocurrency.
Altcoin Sherpa’s hopefulness for Solana is a clear indicator of the cryptocurrency as one that can make huge profits. Since the recent consolidation and price stability, his analysis implies that this is a good time for investors to buy Solana. The market participants are usually recommended to do a research and take the expert advice on their investment decisions.