Analyst anticipates significant growth for lesser-known cryptocurrency, revises forecast for Solana.

    A widely followed crypto analyst says that one little-known altcoin has massive upside potential while updating his outlook on smart contract platform Solana (SOL).

    Pseudonymous crypto strategist Altcoin Sherpa tells his 202,300 followers on the social media platform X that open-source gaming blockchain Beam (BEAM) has “big upside” potential for 2024.

    “BEAM: good buy (in my opinion)…

    I’m going to keep holding this one for 2024. Big upside and my play for gaming this cycle (though have some other smaller bets too).”

    Source: Altcoin Sherpa/X

    BEAM is trading for $0.021 at time of writing, an 8.34% increase during the last 24 hours.

    Altcoin Sherpa goes on to say that he’s purchasing red-hot altcoin Solana despite his belief that it may not be the right time to do so. According to the strategist, the Ethereum (ETH) rival should continue its climb in 2024.

    “SOL: Probably a bad place to buy but screw it, I’m going to just add more to my stack. Going to buy it and then throw it in my cold wallet and let this get me rich in 2024.”

    Source: Altcoin Sherpa/X

    According to Sherpa, watching people who were getting into crypto for the first time interact with Solana’s blockchain confirmed his bullish thesis.

    “What furthered my thesis even more on SOL was watching retail people who were getting into crypto for the first time interact on chain. ETH was impossible, even other stuff was pretty expensive at times. If you’re working with $100, you can do A LOT more on cheaper chains.

    Obviously, this thesis has been around for a while and is very known but it was different when I saw it for the first time in front of my eyes. A lot more bang for your buck on cheap chains that aren’t dead.”

    Solana is trading for $122.64 at time of writing, a 7.73% increase during the last day and a staggering increase of over 1,000% since the start of the year.

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    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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