A closely followed crypto analyst believes that the smart contract platform Solana (SOL) is gearing up for a strong bull market.
Pseudonymous analyst Inmortal tells his 199,100 followers on the social media platform X that Solana is giving long-term bulls a shot to accumulate the crypto asset at a point of maximum opportunity.
“This is a generational SOL long.
Take profit is $250.”
According to the crypto strategist, those who accumulate SOL now will likely be rewarded in the coming years.
“In two years, you will realize that everything was as simple as buying SOL below $20 and waiting.
But you were too scared because FTX was going to dump their coins.”
Last month, court documents revealed that FTX owns $1.16 billion worth of SOL, leading many traders to believe that Solana will likely see lower prices if the bankrupt crypto exchange liquidates its holdings.
However, investor Chris Burniske pointed out that only a fraction of FTX’s SOL holdings are liquid.
“Only ~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks.”
At time of writing, SOL is trading for $24.54, up over 14% in the last 24 hours.
Inmortal notes that Solana’s latest rally is a precursor to how SOL will likely move in the next couple of years.
“This move up is just a sample of how SOL will move in the coming years. The most hated rally ever.”
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The post Crypto Trader Outlines Massive Price Target for Solana, Says SOL in Midst of Generational Opportunity for Bulls appeared first on The Daily Hodl.