A well-known crypto analyst suggests that a particular Ethereum (ETH) competitor, which has already risen by over 300% this year, still has more potential for growth.
Altcoin Sherpa, a crypto trader who goes by a pseudonym, tells his 194,200 followers on Twitter that he believes Solana (SOL), a smart contract platform, will continue to surge in price unless proven otherwise.
The analyst also expresses uncertainty about the fate of bankrupt crypto exchange FTX’s $1.16 billion worth of Solana holdings as of August 31st.
“SOL: I think that $35-$32 are buy-the-dip zones. I don’t know what happens with FTX supply but this should keep running until shown otherwise.”
Source: Altcoin Sherpa/X
Solana is currently trading at $39.83, a staggering 300% increase since the beginning of 2023 when it was valued at just $9.97.
Moving on to the decentralized crypto exchange (DEX) platform SushiSwap (SUSHI), Altcoin Sherpa suggests that accumulating the digital asset at $0.91 seems like a good idea, with the 0.5 Fibonacci level providing support.
“SUSHI: I think buying $0.91 seems pretty solid. S/R (support and resistance) level, etc.”
Currently, SUSHI is valued at $1.06.
The crypto analyst concludes his analysis by noting that traders should keep an eye on the $9.50 price level of the decentralized oracle provider Chainlink (LINK).
“LINK: come on… let’s fill the rest of my bids, please. $9.50 is the area.”
At the moment, LINK is trading at $11.32.
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