Amid a bullish start of the week that saw the majority of assets in the cryptocurrency sector record increases on multiple charts, Solana (SOL) is no exception, and indicators point to more gains, provided that the supply of SOL about to enter the market does not spoil its chances.
As it happens, pseudonymous crypto analyst Altcoin Sherpa has observed that the exponential moving average (EMA) of Solana was “healthy,” and the seventh-largest digital asset is one of the “best buys you can make,” according to the analysis shared in an X post on October 22.
Specifically, the expert believes if its EMA “can comfortably stay above $27, then $37 is the next area up,” but also warns about the SOL supply coming to the market via FTX, referring to the collapsed crypto exchange gaining court’s approval to liquidate $3.4 billion in cryptocurrencies, which mainly comprise SOL.
Solana price action analysis. Source: Altcoin Sherpa
Indeed, the crypto trading platform, which imploded in N
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