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Cryptocurrency analyst, Ali Martinez, suggests that the current low crowd sentiment for Solana (CRYPTO: SOL) could present a contrarian opportunity.
What Happened: On Tuesday, Martinez took to Twitter to express his views on the current state of Solana, which is sometimes dubbed as an Ethereum (CRYPTO: ETH) killer.. He noted that the crowd sentiment for $SOL is at its lowest since the Solana network outage on February 6. Martinez hinted that being contrarian at this point might be profitable.
So far this year, Solana has risen nearly 74%. However, over the last one week, its price has seen a downturn of nearly 13%. Notably, Solana is trading 32.3% lower from its all-time high of $260.06, which it reached on Nov. 7, 2021.
Why It Matters: Solana has been experiencing a rough patch recently, with its price showing a downward trend. However, Martinez’s tweet suggests that this could be an opportunity for contrarian investors to potentially profit from a future upswing.
The cryptocurrency sector has been thriving in 2024, with leading crypto Bitcoin hitting all-time highs and a resurgence of interest and price action seen across many meme coins. This overall positive market sentiment around meme coins could potentially influence Solana’s performance in the future.
Price Action: At the time of writing, Solana traded 2.3% lower at $176.24, according to data from Benzinga Pro.
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