Solana Could Explode 100%, According To Coin Bureau
A prominent analyst known for his extensive research is laying out a potential scenario for Solana, Ethereum’s top competitor.
In a new strategy session, Coin Bureau host Guy said the price of the SOL native token of the layer-1 protocol Solana could double if the rally continues.
“SOL’s price action is also looking interesting from several angles. In terms of raw price action, SOL could potentially pull a 2x if the current recovery rally continues. This doesn’t sound like much, but if the rally does continue, it would be a larger percentage gain than other large cap altcoins.
That’s why there’s some legitimacy to [FTX CEO] Sam Bankman-Fried’s remark that Solana is underrated. There’s some more evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues.”
The analyst also discussed Ethereum’s transition to PoS consensus scheduled for mid-September. According to him, the risk of malfunction or complete failure is keeping users interested in a number of ETH other competitors like AVAX and NEAR.
“Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers have been rallying as the Merge approaches. This is no coincidence, as there are many traders who are likely trying to hedge their portfolios in case something goes horribly wrong with the Merge.”
Concluding, Guy checks the price of SOL on the ETH trading pair, finding that SOL seems to follow a strong bottom and bullish pattern where the top could coincide with the upcoming Ethereum Merge.
At the time of writing, Solana is down 0.38% and trading for $36.53. With Ethereum priced at $1,629, SOL currently equals 0.0225 ETH.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Solana Could Explode 100%, According To Coin Bureau
A prominent analyst known for his extensive research is laying out a potential scenario for Solana, Ethereum’s top competitor.
In a new strategy session, Coin Bureau host Guy said the price of the SOL native token of the layer-1 protocol Solana could double if the rally continues.
“SOL’s price action is also looking interesting from several angles. In terms of raw price action, SOL could potentially pull a 2x if the current recovery rally continues. This doesn’t sound like much, but if the rally does continue, it would be a larger percentage gain than other large cap altcoins.
That’s why there’s some legitimacy to [FTX CEO] Sam Bankman-Fried’s remark that Solana is underrated. There’s some more evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues.”
The analyst also discussed Ethereum’s transition to PoS consensus scheduled for mid-September. According to him, the risk of malfunction or complete failure is keeping users interested in a number of ETH other competitors like AVAX and NEAR.
“Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers have been rallying as the Merge approaches. This is no coincidence, as there are many traders who are likely trying to hedge their portfolios in case something goes horribly wrong with the Merge.”
Concluding, Guy checks the price of SOL on the ETH trading pair, finding that SOL seems to follow a strong bottom and bullish pattern where the top could coincide with the upcoming Ethereum Merge.
At the time of writing, Solana is down 0.38% and trading for $36.53. With Ethereum priced at $1,629, SOL currently equals 0.0225 ETH.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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