• Thu. Feb 22nd, 2024

Solana could return 825% in the next cycle. What key analyst thinks amid a mixed outlook

Solana (SOL/USD) trades at a “screaming value” and would be an 825% return when the bull market returns. Those are the words of a famous anonymous crypto analyst. The analyst was speaking to his 444,000 YouTube followers via InvestAnswers. He expects the projected exponential rally to fuel SOL back to its previous all-time high.

The optimistic analyst, however, highlights key attributes that fuel SOL above $260. Solana must get out of the mainnet beta, address frequent outages, and existing problems. The InvestAnswers host says once these issues are addressed, the adoption of Solana will continue.

He further states that Bitcoin will be the first to rebound once the market turns bullish, followed by ETH. The money will then flow to the other altcoins, with SOL the net in line. He expects the returns for SOL to be 3X those of the front runners, although there will be more risk there. 

The analyst also has mind-blowing assertions about SOL. He says that SOL trades barely 1/16th of the value of Ethereum yet is widely adopted. In his view, SOL could close the gap to 20% of the Ethereum market cap in the near future. 

SOL price outlook and predictions 

SOL trades at $28, about a 90% drop from its all-time high. A brief technical outlook shows that the cryptocurrency is under pressure.

Source – TradingView

Technically, SOL broke out from a descending triangle, a bear indicator for the cryptocurrency. 

Momentum is weak, with the MACD indicator below the midpoint. The cryptocurrency has turned the $30 level into resistance. SOL could proceed lower to find the next support, potentially at $26.

What should you do?

Comparing SOL to its ATH, the token trades at a significantly low price and a bargain for a good buy. It is also one of those cryptocurrencies that have been touted as a strong Ethereum competitor. If SOL overcomes the frequent outages, a rally back to the former self is attainable. That could return massively to early investors.

On the flip side, we remain in a bear cryptocurrency market. SOL is itself bearish, and this could continue in the near term. Investors could buy once the momentum improves.

Where to buy SOL

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


Buy SOL with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.


Buy SOL with Capital.com today

The post Solana could return 825% in the next cycle. What key analyst thinks amid a mixed outlook appeared first on CoinJournal.