A prominent altcoin analyst predicts a near future where the price of Solana (SOL) reaches $1,000. He also shares his long-term plans for Bitcoin.
Popular altcoin analyst points to $1,000 for Solana
Altcoin analyst nicknamed Inmortal on Twitter shared that Solana price is positioned “around/below $100” and looks at it as a long-term investment. In his recent analysis, he said that long-term investment will gradually expand and “there is a lot of time to buy, if I notice significant declines I will always be ready to buy.” It also shows that it is wrong to focus on entry points and short-term price targets, instead “thinking in terms of capital allocation”.
Inmortal research says that Solana appears to have a major support zone around $80 and although it is rising steadily into its position, there are possibilities for entry below $100. In another tweet, he claimed that SOL will eventually reach $1,000.
Solana (SOL) price analysis
According to the data, Solana (SOL) price increased by 23.2% in March to $123 at the end of the month and failed to conclude February above the $100 level. SOL’s gain resulted in double-digit returns for the first time since October 2021 and a break in its 50-day moving average for the first time in 2022.
Solana is a high-performance blockchain using a delegated POS (dPoS) consensus method, founded by ex-engineers from Qualcomm, Intel, and Dropbox. To greatly increase its speed and throughput, the network uses a new approach to sequencing transactions. Inmortal also said that it is positive on Terra (LUNA), hoping Solana will reach the $100 level soon. LUNA is currently worth $86 per coin.
The analyst also talked about a comparison between Avalanche (AVAX) and LUNA, saying that a “possible catch-up game” will happen soon, after both cryptocurrencies experience selloffs. It means it can start to rise. As cryptokoin.com reported, the LUNA price is trading just under $100, up 10% since last week.
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