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 referred to as Man 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 also be wanting fascinating from a number of angles. By way of uncooked worth motion, SOL may doubtlessly pull a 2x if the present restoration rally continues. This doesn’t sound like a lot, but when the rally does proceed, it might be a bigger proportion achieve than different massive cap altcoins.
That’s why there’s some legitimacy to [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’s 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).
“A few of you will have observed that Solana, Avalanche, Close to Protocol and different so-called Ethereum killers have been rallying because the Merge approaches. That is no coincidence, as there are lots of merchants who’re possible making an attempt to hedge their portfolios in case one thing goes horribly incorrect with the Merge.”
Man concludes by analyzing SOL’s worth on the ETH buying and selling pair, observing that Solana seems to comply with a sample of troughs and surges the place a peak may coincide with the upcoming Ethereum Merge.
“Check out the SOL versus ETH chart on the weekly. Do you discover something? Name me loopy, however I see a sample the place SOL loses worth relative to ETH for round 5 to 6 weeks at a time, earlier than seeing a one-to-three-week rally towards 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 towards ETH, all whereas ETH is concurrently gaining in worth relative to BTC [Bitcoin], and hopefully in fiat phrases, too. This might translate to that 2x achieve for SOL I discussed.”
At 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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