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Recently, prominent crypto analyst and trader Michael 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 Michael” 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.“
Featured Image by “Pexels” via Pixabay
