Crypto Analyst Says 'Crowd Sentiment' On This Ethereum-Killer Is Such That 'Being Contrarian Now Might Just Pay Off'

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.

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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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