A popular analyst known for in-depth research explains what could be on the horizon for a top competitor to Ethereum (ETH).
In a new strategy session, the pseudonymous Coin Bureau host known as Guy tells his 2.09 million YouTube subscribers that he thinks layer-1 protocol Solana (SOL) could double in price if the broader altcoin rally continues.
“SOL’s price action also looks interesting from different angles. As for the crude price action, SOL could potentially hit a 2x if the current rallying rally continues. This doesn’t sound like much, but if the rally continues, it would be a greater percentage gain than other large-cap altcoins.
Therefore, there is some legitimacy to [FTX CEO] Sam Bankman-Fried’s comment that Solana is underrated. There is more evidence 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 slated for mid-September. He believes the prospect of glitches or outright failure sparks interest in 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 gathered as the Merge approaches. This is no coincidence as there are many traders who are probably trying to hedge their portfolios in case something goes horribly wrong with the merger.”
Guy concludes by examining the price of SOL on the ETH trading pair, noting that Solana appears to be following a pattern of dips and spikes where a spike could coincide with the upcoming Ethereum merger.
“Look at the SOL versus ETH chart on the weekly. Do you notice anything? Call me crazy, but I’m seeing a pattern where SOL loses value against ETH for about five to six weeks before a one to three week rally against ETH.
It’s been six weeks of decline, and with the merger less than a month away, we could see another multi-week rally against ETH as ETH rises in value against BTC at the same time [Bitcoin], and hopefully in fiat terms too. This would translate into 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 equivalent to 0.02123 ETH.
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