• Chris Burniske, a prominent crypto market analyst, has suggested that the bears controlling Solana’s price might be mistaken.
• He believes the Ethereum killer still has a breakthrough opportunity to rally its price despite its current reverse down at a resistance level.
• Burniske has warned traders to be wary of market volatility that could lead to massive losses for those with opened long positions in leverages.
The crypto market has been abuzz with rumors of Solana’s price being controlled by bears. However, Chris Burniske, the former lead of Ark Invest’s crypto department, believes that this assumption may be wrong. Burniske believes that the Ethereum killer has a breakthrough opportunity to rally its price despite the current reverse down at a resistance level.
Burniske has cautioned traders to be mindful of the market volatility that could lead to massive losses for those with opened long positions in leverages. He urges investors not to be overly bearish on SOL in the coming months as the crypto’s retracement is likely to occur soon.
Since the start of the year, Solana has been in a bullish mood and has been benefitting from the recent market bullishness. Based on its daily and weekly trading movement since then, the current bearish action of SOL can be seen as a mere retracement, something which is normal for other risky assets.
Despite the current bearish market, Burniske’s optimism for Solana’s future gives traders a glimmer of hope. He believes that the crypto still has potential to make a breakthrough, and traders shouldn’t be too quick to give up hope. With the right strategy and tools, investors can potentially make profits from their long positions.
In conclusion, Solana’s current bearish action doesn’t signal any major panic. Its price retracement is expected to occur within the next few months, and Chris Burniske’s optimism gives traders a spark of hope for the future of the Ethereum killer. With the right strategies and tools, investors may be able to make profits from their long positions.