A closely followed crypto strategist believes that Ethereum (ETH) competitor Solana (SOL) is gearing up for an explosive rally.
Pseudonymous analyst Inmortal tells his 206,500 followers on the social media platform X that Solana could soar more than 340% from its current value by 2025.
He believes that SOL may go parabolic similar to how ETH reached its all-time high in 2021.
“ETH went from $80 to $4500 in 2021.
SOL will go from $8 to $450 in 2025.”
However, the trader predicts that in the near term, ETH will outperform SOL.
“Just talking out loud. ETH has a good chance to outperform SOL in the coming months. After that, SOL will be the leader again.”
He is closely watching whether Solana can flip key resistance levels into support with the first key price target of $120-$130, followed by $190-$200.
“Three most important levels in SOL. We teleport from one to the other.”
Solana is trading for $100.16 at time of writing, down nearly 3% in the last 24 hours.
The trader is also predicting Bitcoin will retest the $47,000 level next week and then rally beyond $53,000 in early March.
“Not interested in shorts. I’ll turn off my brain and wait for this setup to develop.”
Lastly, the trader says that the memecoin dog-themed crypto asset Floki (FLOKI) is likely to break out before memecoin rival Dogecoin (DOGE).
“DOGE will end this 600-plus days accumulation soon. I would say that FLOKI will follow DOGE but I think it will be the other way around. Floki will lead this cycle.”
Floki is trading for $0.0000346 at time of writing, up more than 3% in the last 24 hours. Meanwhile, Dogecoin is trading at $0.0849 at time of writing, down 1% in the last week.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2024/02/24/solana-primed-to-skyrocket-by-over-340-from-current-price-according-to-crypto-trader-heres-the-timeline/