Recently, prominent crypto analyst and trader Michaël van de Poppe shared his thoughts on $SOL, the native token of the Solana blockchain.
This is what he had to say about $SOL’s price action in a video released on the “Crypto Michaël” YouTube on October 17 while looking at the $SOL-$USDT price chart (for Binance) from TradingView:
“At this stage, jumping into Solana is quite tricky. To be honest, if you’re looking at the price action, you want to look at any support levels to jump into.
“So you’re looking at any of those ranges ($122, $97 and $78) to potentially build your position towards the next run as the assumption is that we most likely are going to get run over it in the next phase of this bull cycle.“
Next, when looking at the $SOL-$BTC price chart (for Binance), he said:
“So that’s meaning that you generally don’t want to rush into your positions when it comes to Solana against Bitcoin as right now Bitcoin is taking the spot… What is the area that you should be looking at? Probably anything around these zones –between 30k and 16k sats — is where should be looking at or maybe even 19k…
“You should not be FOMOing into it, but if you look at lower levels, that is where you can get the actual point of interest where you want to get it going. So, those levels are interesting for Solana to buy, but I think it will be one of the biggest gainers in the coming period, or at least in the period when altcoins start to do well, which is Q1 2022.“
According to data by TradingView, currently (as of 08:50 UTC on October 20), $SOL is trading around $156.2450, down 0.7% in the past 24-hour period.
And yesterday, pseudonymous crypto influencer “Altcoin Sherpa” told his over 135K Twitter followers that he found the $SOL-$BTC price chart troubling:
Although with last week’s tacit approval by the U.S. Securities and Exchange Commission (SEC) of the first Bitcoin futures ETF — ProShares Bitcoin Strategy ETF (BITO) — Bitcoin currently seems to be sucking most of the oxygen in the room, there is still plenty of good news for $SOL HODLers.
For example, on Monday (October 18), we found out that 568 Solana projects have been accepted for participation in global Solana hackathon IGNITION:
Public voting for these projects started on October 18 and will end on October 22, and $5,120,000 in prizes is up for grabs:
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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