Along with other cryptocurrencies like Bitcoin and Ethereum, there was another altcoin Solana which also got submerged into the bearish momentum. This public Blockchain platform started its downward movement on Aug 13, 2022. Moreover, the altcoin dropped to $8 on Dec 29 after the collapse of FTX.
However, as the world entered the year 2023 the digital assets began their recovery phase and so did the Solana. As of now Solana has managed to spike nearly 225% since its downfall.
At the time of writing, Solana is selling at $24.44 after a surge of 1.40% over the last 24hrs.
Meanwhile, a well-known crypto analyst and trader Chris Burniske believes it’s a mistake if any trader or investor gets overly bearish towards Solana. Chris Burniske who is a former crypto lead at Ark Investment is of the opinion that though Solana has reversed from its local resistance area, the altcoin still has some hope for a breakthrough.
Solana To See A Price Gain ?
Moreover, the analyst compares the weak Ethereum/Bitcoin pair to the Solana/Ethereum pair which is much stronger. While he compares the analyst states that there is a risk in the market yet yesterday’s pull back will continue for a longer time.
However, Burniske warns traders and investors against getting extreme bearish on Solana. This is because the analyst believes that Solana and other major cryptocurrencies will make a comeback which he expects to happen in the next few months. Chris also states that the current market correction will increase and the traders who have leveraged longs open will incur huge losses.
As per Burniske’s claim yesterday’s claim, investors can make use of the Solana/Ethereum pair as a risk indicator which lets them know market risk. When looking at the Solana/Ethereum pair’s performance in the last few days, it can be seen that the market risk is gradually decreasing.
Also the Solana network boasts of launching major updates this year and if that happens the currency will surely gain some uptrend in the days to come.
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- Source: https://coinpedia.org/altcoin/stop-being-bearish-on-solana-price-urges-former-ark-invest-crypto-lead/