Crypto analyst Altcoin Sherpa has stated that the rise of Solana (SOL), seen as Ethereum’s strongest competitor, will continue. The analyst also shared the optimum buying range for the altcoin.
Altcoin Sherpa emphasized on social media platform X (formerly known as Twitter) that he believes Solana will reach much higher levels in the future. However, the analyst warned that a significant drop could occur if the failing cryptocurrency exchange FTX releases the SOL it holds onto the market.
The analyst, who pointed out that the sale of SOL held by FTX would create a serious selling pressure on the altcoin’s price, said that SOL investors need to be patient and calm.
On the other hand, Altcoin Sherpa, stating that SOL has been consolidating despite Bitcoin‘s (BTC) rise in a strong macro outlook over the past month, emphasized that levels below $65 and $50 could be the best buying points.
As of the time this article was prepared, Solana was trading at a rate of 72.21% in the last 24 hours. With current prices, SOL is trading slightly above $68.5, which the analyst shows as the peak point in his chart, and is expected to retreat.