Top Ethereum Rival Could Explode by 100%, Beating Other Large-Cap Altcoins, According to Coin Bureau – Here’s Why
A well-liked analyst recognized for his deep-dive analysis is laying out what may be on the horizon for a high Ethereum (ETH) competitor.
In a brand new technique session, the pseudonymous host of Coin Bureau often called Guy tells his 2.09 million YouTube subscribers that he thinks layer-1 protocol Solana (SOL) may double in worth if the broader altcoin rally retains on rolling.
“SOL’s worth motion can be wanting attention-grabbing from a number of angles. In phrases of uncooked worth motion, SOL may doubtlessly pull a 2x if the present restoration rally continues. This would not sound like a lot, but when the rally does proceed, it could be a bigger proportion achieve than different giant cap altcoins.
That’s why there’s some legitimacy to it [FTX CEO] Sam Bankman-Fried’s comment that Solana is underrated. There’s some extra proof to counsel that SOL may see a critical rally if the present crypto market momentum continues.”
The analyst additionally 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 failure is sparking curiosity in a number of different ETH rivals, together with Avalanche (AVAX) and NEAR Protocol (NEAR).
“Some of you’ll have observed that Solana, Avalanche, Near Protocol and different so-called Ethereum killers have been rallying because the Merge approaches. This isn’t any coincidence, as there are lots of merchants who’re doubtless making an attempt to hedge their portfolios in case one thing goes horribly unsuitable with the Merge.”
Guy concludes by inspecting SOL’s worth on the ETH buying and selling pair, observing that Solana seems to observe a sample of troughs and surges the place a peak may coincide with the upcoming Ethereum Merge.
“Take a have a look at the SOL versus ETH chart on the weekly. Do you discover something? Call me loopy, however I see a sample the place SOL loses worth relative to ETH for round 5 to six weeks at a time, earlier than seeing a one-to-three-week rally in opposition to ETH.
It’s been six weeks of decline, and with the Merge lower than a month away, we may see one other multi-week rally in opposition to ETH, all whereas ETH is concurrently gaining in worth relative to BTC [Bitcoin], and hopefully in fiat phrases, too. This would translate to that 2x achieve for SOL I discussed.”
At the time of writing, Solana is down 4.57% and buying and selling for $38.67. With Ethereum priced at $1,821, SOL at the moment equals 0.02123 ETH.
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