Solana (SOL/USD) could return 825% in the next cycle
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 offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.