Solana ($SOL) Analysis - 10/24/2024
Solana ($SOL) has been an extraordinary performer throughout 2023 and 2024. It’s amazing to reflect on how the narrative has changed since the FTX crash, when many believed SOL was headed to zero. I remember advising to buy as much as possible when it was around $10, and even a bit lower. Now, with over 16x returns since then, it’s incredible to consider that the bull market hasn’t really begun yet.
Current Status:
Solana has been performing remarkably well after a 7-month accumulation period and is now preparing to test the upper resistance band near $200. The key question is not if SOL will break through this resistance, but rather when. Given my significant position in SOL from previous low price entries, I have not felt the need to add more to my holdings for some time.
I am often asked about my opinion on the SUN, and while this is my personal perspective, it is not absolute and may be wrong.
Perspective:
I believe Solana will continue its upward momentum towards the orange resistance band. While there may be some difficulty in breaking the $188 resistance level, I am confident that SOL will eventually break above this point. This projection does not require expert insight to understand, as the trend is clear.
However, I don’t see the current price as an ideal buying point. We have already seen significant gains, and as we approach the strongest resistance, there is uncertainty about how much more upside potential remains. Even after breaking this resistance, it is difficult to predict how far SOL can go in terms of profit potential.
Conclusion:
SOL was a phenomenal opportunity in early 2023, but I’m not convinced it’s the best play to expect massive returns by 2025 if you get in now. There are other altcoins that may present better opportunities for substantial profits at this stage of the market cycle.
While I have made significant profits on Solana, I believe the best opportunity has passed. That said, getting in at this point could still yield some returns, just probably not the explosive gains seen in the past.
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$SUN
