Cryptocurrency analyst Altcoin Sherpa has reportedly increased his holdings for Solana (CRYPTO: SOL) despite suggesting that it might not be the optimal time for such an investment.
What Happened: Altcoin Sherpa anticipates that the cryptocurrency, often regarded as a competitor to Ethereum (CRYPTO: ETH), will maintain its upward trajectory into 2024.
The analyst posted on X, "SOL: Probably a bad place to buy but screw it, I'm going just to add more to my stack. Going to buy it and then throw it in my cold wallet and let this get me rich in 2024."
What furthered my thesis even more on SOL was watching retail people who were getting into crypto for the first time interact on chain. ETH was impossible, even other stuff was pretty expensive at times. If you're working with $100, you can do A LOT more on cheaper chains.
— Altcoin Sherpa (@AltcoinSherpa) December 25, 2023
Altcoin Sherpa pointed out the approachability and affordability of the Solana chain for novel users, especially those transacting with smaller sums, "What furthered my thesis even more on SOL was watching retail people who were getting into crypto for the first time interact on- chain. ETH was impossible, even other stuff was pretty expensive at times. If you're working with $100, you can do A LOT more on cheaper chains."
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Why It Matters: This comes as Google's search volume for the term "Solana " has experienced a significant surge, increasing by 250% over the past two months. Data released by The Block indicates that the search volume for the term "Solana" has increased from a score of 14 in early October to 49 in early December, on a scale ranging from 0 to 100.
Price Action: At the time of writing, Solana has been trading at $122.64, up 7.73% in the last 24 hours, surging over 1,000% from the beginning of the year.
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