- Crypto analyst Inmortal suggests that Solana is primed for a long-term bullish trend, and further sees SOL as a generational investment, forecasting a target price of $250.
- CoinShares’ crypto fund report highlights Solana’s consistent institutional inflows, with $31 million attracted in 2023 alone.
Over the last weekend, Ethereum Layer-1 competitor Solana (SOL) has created a major buzz in the market, rallying all the way to $250. A well-known crypto analyst suggests that Solana (SOL) is preparing for a robust bull market.
Using the pseudonym Inmortal, the analyst, with an audience of 199,100 on the X social media platform, asserts that Solana is presenting a prime opportunity for long-term investors to accumulate this digital asset.
“This is a generational SOL long. Take profit is $250,” the analyst noted. As per the crypto strategist, individuals who choose to accumulate SOL at its current price are likely to reap rewards in the upcoming years.
In two years, you’ll come to realize that the solution was as straightforward as purchasing SOL when it was under $20 and patiently waiting. But fear held you back, fearing FTX’s potential coin sell-off,
It came to light in the previous month through court documents that FTX possesses $1.16 billion worth of SOL, causing concerns among traders that Solana’s value might decline if the insolvent crypto exchange decides to sell its holdings.
Nevertheless, investor Chris Burniske pointed out that only a small portion of FTX’s SOL holdings is liquid. “Only ~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks,” he noted.
Solana Witnesses Institutional Inflows
The recent price surge in Solana also comes on the backdrop of strong institutional inflows in the altcoin. CoinShares’ latest crypto fund report reveals that Solana (SOL) remains a top choice for institutional investors, despite the stagnation in the broader altcoin market.
Solana has consistently attracted significant inflows for the past 27 weeks, accumulating $31 million in inflows for this year alone. In the most recent week, institutional investors poured $5 million into Solana, surpassing Bitcoin’s $20.4 million inflow and Ethereum’s $1.5 million outflow.
Investors are drawn to Solana for its strategic partnerships with financial institutions like Visa and its capacity to offer swift and cost-effective payment solutions. Notably, Solana’s Total Value Locked (TVL) has surged to its highest point this year, reaching $335.1 million.
Solana Price To Touch $40 By 2023 End
Some artificial intelligence (AI) algorithms are forecasting an optimistic outlook for the end of this year. AI-based price prediction algorithms on the cryptocurrency tracking platform CoinCodex have projected Solana’s price to reach $39.73 by December 31, 2023. This prediction suggests a potential increase of nearly 65 percent from its current price.
Another crypto analyst Crypto Tony has given a $100 price target for Solana by the end of this week. It means a staggering 300 percent gain from the current levels.
— Crypto Tony (@CryptoTony__) October 1, 2023
Furthermore, the AI algorithms anticipate Solana reaching the $100 price level in the future, although this milestone may not occur as quickly as Crypto Tony expects.
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