Earlier today (August 31), as Solana’s $SOL token continued its incredible bull run, one of the partners at Spartan Group expressed in a succinct way how bullish they are on $SOL right now.
Spartan Capital is a cryptoasset management firm with an investment team that has “over 20 years of experience in investment research and capital management for top-tier firms such as Goldman Sachs and Indus Capital.”
$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.
The crypto influencer’s comment about the $SOL price came just one day after $SOL broke through the psychologically important $100 level, then the $110 level, and then just kept on going at high speed toward the $120 level.
Since Cardano’s valuation seems set to increase in the near future following the September 12th activation of the Alonzo hard fork on the Cardano mainnet, it looks like he is saying that he believes that $SOL is highly undervalued compared to one of its closest competitors and that the $SOL price could 3X from current levels, meaning that he believes that it could easily go as high as $350.
Pseudonymous crypto influencer “Bluntz”, who said on August 28 that based on his technical analysis $SOL could easily go to $200, today restated his bullish stance, seeming even more confident than before.
As $SOL’s continues its wild bull run, soon crypto analysts and influencers on Twitter will need to start using a thesaurus as adjectives such as “incredible” and “amazing” start to feel overused.
Matt Ballensweig, Global head of digital asset lending and financing at Genesis, who seems to be another fan of Solana, said on August 27 that when you consider that $SOL’s market cap is still only a small fraction of $ETH’s market cap, $SOL looks undervalued even at its current price levels.
Well, yesterday, he tried to explain why he thinks $SOL is doing so well right now:
Crypto-focused behavior analytics startup Santiment says that as $SOL’s price keeps climbing to new all-time highs, so are its “social volume” and “social dominance” scores as investors/traders comment on $SOL’s scintillating price action.
According to data by TradingView, on crypto exchange FTX, the $SOL price broke through the $120 level, setting yet another new all-time high at 07:51 UTC today (August 31) by hitting $120.2575.
Currently (as 09:15 UTC on August 31), SOL-USD is trading at $118.8250, up almost 20% in the past 24-hour period, which is pretty great considering that BTC-USD is down 0.75% during the same period.
What is even more impressive is how well $SOL has done in 2021. In the year-to-date period, SOL-USD is up a face melting 7700%.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Image by “Larisa-K” via Pixabay
Source: Read Full Article