cryptoglobe.com
A popular pseudonymous cryptocurrency analyst has predicted the price of Solana ($SOL) could rally over 830% over the long-term as it moves to the $1,000 mark. The trader revealed he is building up a long-term position on the cryptocurrency.
On the microblogging platform Twitter, pseudonymous crypto trader Inmortal revealed he has been building up on his Solana position “around/below $100” and believes that “with patience, it’s a good play” as to him it’s a long-term investment.
The long-term investment, the trader said on his Telegram channels, implies it will scale slowly and there “are plenty of tims to buy, [I will be] always ready to buy if I see big discounts.” It also implies thinking about entry points and price short-term targets isn’t correct, as instead he will be “thinking in terms of capital allocation.”
Bought more $SOL around $100 as I said last week.
— Inmortal (@inmortalcrypto) April 19, 2022
Macro HL in the making. pic.twitter.com/dafC5OxoK4
In his analysis, the trader showed Solana appears to have a major support zone around the $80 mark, and noted that while he is adding slowly to his position there may be entry points below the $100 mark as well. In a separate tweet, the trader predicted SOL could reach $1,000 in the future.
As reported, the price of Solana broke through a key technical level for the first time this year in March, a month in which it recorded double-digit returns and was the best-performing cryptoasset among the top coins.
According to CryptoCompare’s latest Asset Report, the price of Solana rose 23.2% in March to reach $123 at the end of the month, after previously failing to close February above the $100 mark. The cryptocurrency’s rise saw it record double-digit returns for the first time since October 2021, and break through its 50-day moving average for the first time in 2022.
Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.
As Daily Hodl reports, the trader also revealed he is bullish on Terra ($LUNA), predicting the cryptocurrency will soon surpass the $100 mark. LUNA is currently trading for $86 a token.
The trader also pointed to a comparison between Avalanche ($AVAX) and LUNA, suggesting there’s a “potential catch up play” about to occur, implying both cryptocurrencies could soon start moving up after enduring sell-offs.