Cryptocurrencies

Pseudonymous analyst is bullish on Ethereum rival


If you ask Altcoin Sherpa, the future for Ethereum rival Solana looks bullish. While he has some doubts about the project in the short term, he sees rising prices towards the end of 2024. What can we expect from Solana?

Bullish on Solana

“I still believe the $120-$170 region is an attractive one to accumulate Solana and I expect a strong second half of the year. However, I don’t expect any movement until the rest of the market environment clears up,” Altcoin Sherpa said.

The Solana price is trading at $142.60 at the time of writing, down 0.68% over the past 24 hours. It is notable that Bitcoin has also fallen over the past 24 hours (0.71%) while Ethereum is up 1.23%.

It appears the market is slowly gearing up for the Ethereum ETFs in the United States, which could potentially direct a whole lot of capital towards Vitalik Buterin’s smart contract platform.

Important days for Bitcoin

As for Bitcoin, Altcoin Sherpa expects a few green days in the short term, but he doesn’t really have an idea about next week. “Next week will be important to get back into the range. In the short term I am bullish, but in the long term I have no idea,” Altcoin Sherpa said.

Bitcoin is trading at $58,250 and appears to be cautiously recovering from the massive correction to $53,500 that we saw for the digital currency last week.

So, to summarize, we can say that Altcoin Sherpa is doubtful on Solana in the short term and bullish on Bitcoin, while in the long term he is bullish on Solana and doubtful on Bitcoin.

That seems a bit contradictory, because Bitcoin and altcoins often move quite synchronously. If Bitcoin doesn’t rise in the coming months, then the chances are slim that coins like Solana will.



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