Ethereum’s main rival could blow up 100%, outperforming other large-cap altcoins, Coin Bureau says: here’s why

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A pop­u­lar ana­lyst known for his deep-dive research is lay­ing out what could be on the hori­zon for a top com­peti­tor to Ethereum (ETH).

In a new strat­e­gy ses­sion, Coin Bureau’s pseu­do­ny­mous pre­sen­ter known as Guy He says its 2.09 mil­lion YouTube sub­scribers who believe the Solana Lay­er 1 Pro­to­col (SOL) could dou­ble in price if the broad­er alt­coin ral­ly continues.

“SOL price action also looks inter­est­ing from sev­er­al angles. In terms of raw price action, SOL could poten­tial­ly pull 2x if the cur­rent recov­ery ral­ly con­tin­ues. This doesn’t sound like much, but if the ral­ly con­tin­ues, it would be a high­er per­cent­age gain than oth­er large-cap altcoins. 

That is why there is some legit­i­ma­cy for [FTX CEO] Sam Bankman-Fried’s com­ment that Solana is under­rat­ed. There is more evi­dence to sug­gest that SOL could see a seri­ous ral­ly if the cur­rent cryp­to mar­ket momen­tum continues.” 

The ana­lyst also dis­cuss­es Ethereum’s tran­si­tion to a proof-of-stake (PoS) con­sen­sus mech­a­nism that is sched­uled for mid-Sep­tem­ber. He believes the prospect of glitch­es or out­right fail­ures is piquing the inter­est of sev­er­al oth­er ETH rivals, includ­ing Avalanche (AVAX) and NEAR Pro­to­col (NEAR).

“Some of you may have noticed that Solana, Avalanche, Near Pro­to­col and oth­er so-called Ethereum killers have been gath­er­ing as the merg­er approach­es. This is not a coin­ci­dence, as there are many traders who are prob­a­bly try­ing to hedge their port­fo­lios in case some­thing goes ter­ri­bly wrong with the merger.”

Guy con­cludes by exam­in­ing the price of SOL on the ETH trad­ing pair, not­ing that Solana appears to fol­low a pat­tern of troughs and ral­lies where a peak could coin­cide with the next Ethereum meltdown.

“Take a look at the SOL ver­sus ETH chart in the week­ly. Do you notice some­thing? Call me crazy, but I see a pat­tern where SOL los­es val­ue rel­a­tive to ETH for about five to six weeks at a time, before see­ing a one to three week ral­ly against ETH. 

It’s been six weeks of decline, and with the Melt­down less than a month away, we could see anoth­er mul­ti-week ral­ly against ETH, all while ETH is simul­ta­ne­ous­ly gain­ing val­ue rel­a­tive to BTC. [Bit­coin], and hope­ful­ly in fidu­cia­ry terms, too. This would trans­late to that 2x gain for SOL that I mentioned.”

At the time of writ­ing, Solana is down 4.57% and is trad­ing at $38.67. With Ethereum priced at $1,821, SOL is cur­rent­ly equal to 0.02123 ETH.

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

Fea­tured Image: Shutterstock/Vadim Sadovski/solverv

source: dailyhodl.com



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