Key Insights
- Solana (SOL) is currently in a descending channel, but may soon break out and reclaim $22.
- A well-known crypto YouTuber, Sheldon The Sniper, is bullish on SOL and has recently invested $100,000 in the cryptocurrency.
- Former Goldman Sachs CEO, Raoul Pal, believes that Solana is the best altcoin investment aside from Ethereum and that it has the potential to do well as a layer-2 solution to Ethereum.
- Pal predicts that the market for digital assets will see another surge over the next several years and that SOL is one of the best bets for the next bull run.
Solana has no doubt been one of the best-performing cryptocurrencies on a yearly, monthly, weekly and even daily timeframe.
According to CoinMarketCap, SOL is down 0.76% in the last day and up 0.87% over the last seven days.
However, what is this cryptocurrency’s chance of breaking through $22 again, and possibly retaking the $30 zone?
Let’s find out.
A Breakout Is Incoming: Be Prepared
A close look at SOL’s short-term price action shows that the cryptocurrency’s decline from $32 was part of a larger price movement.
SOL is now inside a descending channel from a short-term perspective, and may now have a chance to break out and reclaim $22.
As illustrated above, SOL is still under $20 and is retesting the upper band of the descending channel. The cryptocurrency appears ready to break through to the upside.
And even more so, the bias as shown by the RSI’s position is a bullish one.
If Solana’s breakout to the upside occurs, it would mean that the short-term price decline is over and that SOL is ready to take another leg upwards, to form a higher high, somewhere above $32.
Sheldon’s $100K Solana Bet
“Sheldon The Sniper”, a well-known crypto YouTuber took to Twitter recently, to declare a bet of over $100,000 in crypto altcoins as the market recovers.
In the post, Sheldon specifically mentioned that he was especially bullish toward Dogecoin (DOGE) and SOL.
The YouTuber also highlighted his sizable investment holdings in both digital currencies, comprising nearly $202,000 worth of altcoins, containing approximately 3.2 million DOGE.
In addition to this, Sheldon also mentioned another position he recently opened with a $100,000 investment.
However, the YouTuber was quick to mention that despite holding optimistic bets in Solana, he is aware that market declines may happen, and losses are part of the game.
Solana Is The Greatest Altcoin Giant Asides from Ethereum: Ex-Goldman Sachs Executive
Former Goldman Sachs CEO and creator of Real Vision, Raoul Pal recently mentioned that Solana is the best altcoin investment aside from Ethereum, in an interview with Altcoin Daily.
According to Pal, Ethereum (ETH) and Solana have the highest promise when it comes to altcoins. The former Goldman Sachs executive also praised Solana’s co-founder, Anatoly Yakovenko, referring to him as a “thought leader” in the cryptocurrency industry.
Solana is attracting attention, simply because it is fast, Pal says. Solana provides a novel approach to blockchain technology and might even do well if it is modified as a layer-2 solution to Ethereum.
Pal predicts that over the next several years, the market for digital assets will see another surge. In conclusion, Pal says that Solana is one of the best bets for the next bull run.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
