A preferred analyst recognized for his deep-dive analysis is laying out what is likely to be on the horizon for a high Ethereum (ETH) competitor.
In a brand new technique session, the pseudonymous host of Coin Bureau often called Man tells his 2.09 million YouTube subscribers that he thinks layer-1 protocol Solana (SOL) might double in value if the broader altcoin rally retains on rolling.
“SOL’s value motion can be trying attention-grabbing from a number of angles. By way of uncooked value motion, SOL might probably 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 acquire 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 recommend that SOL might 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 could 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 a lot of merchants who’re probably making an attempt to hedge their portfolios in case one thing goes horribly incorrect with the Merge.”
Man concludes by analyzing SOL’s value 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 in opposition to ETH.
It’s been six weeks of decline, and with the Merge lower than a month away, we might 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 is able to translate to that 2x acquire 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 present equals 0.02123 ETH.
I
Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox
Test Value Motion
Comply with us on Twitter, Facebook and Telegram
Surf The Day by day Hodl Combine
 

Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses you could incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in affiliate internet marketing.
Featured Picture: Shutterstock/Vadim Sadovski/solvertv