Solana ($SOL) Analysis - 10/24/2024
Solana ($SOL) has delivered an extraordinary performance throughout 2023 and 2024. It's impressive to reflect on how the narrative shifted after the FTX collapse, when many believed SOL was headed to zero. I remember advising to buy as much as possible when it was around $10, and even slightly lower. Now, with more than a 16x return since that point, it’s incredible to consider that the bull market hasn’t truly kicked off yet.
Current Situation:
Solana has been performing remarkably well, following a 7-month period of accumulation, and now it is preparing to test the upper resistance band near $200. The key question is not if SOL will break this resistance, but rather when. Given my significant position in SOL from earlier low price entries, I haven’t felt the need to add more to my holdings for some time.
I am often asked for my take on SOL, and while this is my personal perspective, it is not absolute and could be wrong.
Outlook:
I believe Solana will continue its upward momentum toward the orange resistance band. Even though there may be some difficulty in breaking the $188 resistance level, I’m confident that SOL will surpass this point eventually. This projection doesn't require expert insight to understand, as the trend is clear.
However, I don't see the current price as an ideal spot buy. We’ve already experienced significant gains, and as we approach the strongest resistance, there’s uncertainty regarding how much more upside is left. Even after breaking through this resistance, it’s hard to predict how much further SOL can run in terms of profit potential.
Conclusion:
SOL was a phenomenal opportunity earlier in 2023, but I’m not convinced it is the best move to expect massive returns by 2025 if you’re entering now. There are other altcoins that might present better opportunities for substantial profits at this stage of the market cycle.
While I’ve made significant profits from Solana, I believe the best opportunity has already passed. That said, entering at this point could still generate some returns, just likely not the explosive gains seen in the past.
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