A popular analyst known for his in-depth research has laid out what might be on the top Ethereum horizon (ethereum) competitor players.
“SOL price action looks interesting from many angles as well. In terms of raw price action, SOL could potentially double if the current recovery rally continues. Sounds like it, but if the rally continues, it will be a bigger percentage profit than other big altcoins.
That’s why it’s justified [FTX CEO] Sam Bankman-Fried remarks that Solana is underrated. There is some evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues. ”
Analysts also explain Ethereum’s move to a Proof of Stake (PoS) consensus mechanism, scheduled for mid-September. He believes that the possibility of glitches or complete failures is the Avalanche (Avax) and the NEAR protocol (shortly).
“Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers are rallying as the merge approaches. Because there are a lot of traders who are likely looking to hedge their portfolios just in case.”
Guy concludes by looking at the price of SOL on the ETH trading pair and observes that Solana appears to follow a pattern of troughs and spikes whose peaks may coincide with the upcoming Ethereum Merge.
“Look at the weekly SOL vs ETH chart. We see a pattern of losing value relative to ETH.
Six Weeks of Downs Continue, Less Than a Month After Merge, We Could See Another Weeks of Rise Against ETH While ETH Simultaneously Rises Against BTC [Bitcoin], and preferably even in fiat currency. This translates to a 2x profit over the SOL I mentioned. ”
At the time of writing, Solana is down 4.57%, trading at $38.67. If the price of Ethereum is his $1,821, SOL is currently worth 0.02123 ETH.
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