Solana's Upward Trajectory Could Be Short-Lived, Analyst Warns: 'Slowly Scale In'
Portfolio Pulse from Murtuza Merchant
Crypto analyst Altcoin Sherpa has expressed concerns over Solana's (CRYPTO: SOL) current upward trajectory, warning of a potential sell-off and suggesting that the cryptocurrency might take some time to establish a solid bottom. The analyst advised those interested in SOL to slowly scale in and hold it for 2024+. However, Chris Burniske, a partner at the crypto-focused venture capital firm Placeholder, offered a different perspective, pointing out that only approximately 13% of FTX's SOL holdings are liquid.
September 18, 2023 | 5:05 pm
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NEUTRAL IMPACT
Bitcoin was mentioned in comparison to Solana, highlighting its resilience despite challenges.
Bitcoin was mentioned passively in the article, with no specific news or events affecting its price.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ethereum was mentioned in comparison to Solana, emphasizing its resilience despite challenges.
Ethereum was mentioned passively in the article, with no specific news or events affecting its price.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Solana's upward trajectory could be short-lived, with a potential sell-off expected. Investors are advised to slowly scale in and hold for 2024+.
The analyst's warning of a potential sell-off suggests a negative short-term impact on Solana's price. However, the advice to slowly scale in and hold for 2024+ indicates a positive long-term outlook.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100