A popular pseudonymous cryptocurrency analyst has predicted the price of Solana ($SOL) could rally over 830% over the long-term as it moves to the $1,000 mark. The trader revealed he is building up a long-term position on the cryptocurrency.

On the microblogging platform Twitter, pseudonymous crypto trader Inmortal revealed he has been building up on his Solana position “around/below $100” and believes that “with patience, it’s a good play” as to him it’s a long-term investment.

The long-term investment, the trader said on his Telegram channels, implies it will scale slowly and there “are plenty of tims to buy, [I will be] always ready to buy if I see big discounts.” It also implies thinking about entry points and price short-term targets isn’t correct, as instead he will be “thinking in terms of capital allocation.”

In his analysis, the trader showed Solana appears to have a major support zone around the $80 mark, and noted that while he is adding slowly to his position there may be entry points below the $100 mark as well. In a separate tweet, the trader predicted SOL could reach $1,000 in the future.

As reported, the price of Solana broke through a key technical level for the first time this year in March, a month in which it recorded double-digit returns and was the best-performing cryptoasset among the top coins.

According to CryptoCompare’s latest Asset Report, the price of Solana rose 23.2% in March to reach $123 at the end of the month, after previously failing to close February above the $100 mark.  The cryptocurrency’s rise saw it record double-digit returns for the first time since October 2021, and break through its 50-day moving average for the first time in 2022.

Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.

As Daily Hodl reports, the trader also revealed he is bullish on Terra ($LUNA), predicting the cryptocurrency will soon surpass the $100 mark. LUNA is currently trading for $86 a token.

The trader also pointed to a comparison between Avalanche ($AVAX) and LUNA, suggesting there’s a “potential catch up play” about to occur, implying both cryptocurrencies could soon start moving up after enduring sell-offs.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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