• Solana’s native token, SOL, is up around 33% since the start of the week and around 66% higher versus its late 2022 lows.
• Some investors may be asking if it is too late to buy SOL, given its recent pump.
• Analysts suggest that now might be the best time to get in, as waiting might see investors miss out on further potential gains.
The Solana blockchain’s native token, SOL, has seen an impressive price surge in recent weeks. Last trading a little over 1.0% lower on the day on Wednesday in the $13.20 area, SOL has been as high as the $14.20 area earlier in the session. This price surge has seen the cryptocurrency blitz back to the north of its 21 and 50-Day Moving Averages at $11.60 and $12.75 respectively, with the bulls now eyeing a test of resistance in the $15 area.
The success of the Solana blockchain and its token has caused some investors to question whether it is too late to buy SOL. Cryptocurrency analyst Marzell believes that the SOL pump is likely now to reverse, and is targeting a retest of the $12.20, where he is looking to take profits on a recently implemented short position.
However, if the more bullish forecasts for the cryptocurrency are correct, then now might be the best time to get in, as waiting might see investors miss out on further potential gains. One cryptocurrency community member predicted that Solana would hit $33 at best in the next six months. This prediction has caused some to believe that buying now could be a good idea, while others think that they may be able to buy in at a lower point in the future if the pump reverses.
Ultimately, investors will have to decide whether to take the risk and buy now, or to wait and see if the SOL price goes down in the short-term. Whichever decision is made, it is clear that the Solana platform has made huge strides in the cryptocurrency space and its token is already performing well.