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Solana Will Suck Liquidity From Altcoin Market Over Next Few Days/Weeks, Says Analyst

Solana Will Suck Liquidity From Altcoin Market Over Next Few Days/Weeks, Says Analyst


Earlier today, as nearly 80% of the top 50 cryptoassets by market cap were in the red, Solana ($SOL) was putting in another dazzling performance, surging to new all-time highs with a double digit percentage gain vs USD.

$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.

According to data by TradingView, on crypto exchange FTX, since the start of this week, the $SOL price has surged 47.18%.

In fact, on Monday (August 16), Solana managed to set a new all-time high of $65.60 (at 13:20 UTC), smashing the previous all-time high of nearly $56 that was set on May 18, thereby reaching a market cap of around $18 billion, which allowed it to enter a special place: “the top 10 most valuable (by market cap)” club.

Even more impressively, as you can see from the one-month SOL-USD price chart (based on trading data from FTX) below, in the past one-month period, $SOL is up over 194%.

As for the year-to-date (YTD) period, $SOL is up an incredible 4,141% since the beginning of 2021.




$SOL’s high impressive recent price action promoted pseudonymous crypto analyst, trader, and influencer “Altcoins Sherpa” to say earlier today that he believes that right now Solana is the hottest cryptoasset in the altcoin market and that it is going to outperform every other altcoin over the next few days/weeks.

Another pseudonymous crypto analyst that seemed to agree with this assessment was “Smart Contractor”, who said that Solana’s performance reminded him of how in April the $DOGE price was “pumping” as though Dogecoin had captured the entire mindshare of the crypto community.

Crypto analyst Scott Melker (aka “Wolf of All Streets”) said that SOL-BTC has entered the price discovery zone.

Crypto influencer “The Crypto Monk” said that he remembered buying $SOL back in January when it was trading below $3 (here he is referring to the first three weeks of the year when $SOL was trading between $1.84 and $3.00) and that investors and traders should realize that those who trade with “strong conviction” and focus on higher timeframes (i.e. at least a few months) have the chance in the crypto space to create “generational wealth.”

And finally, John Johnson, Engineering Manager at 0x Labs, pointed out that $SOL doing so well also means that development teams who received their grant money in $SOL “early on” now pretty decent size runways, which means more opportunity for them to take chances and experiment with new ideas.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Image by “2023852” via Pixabay





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