Widely backed economist Alex Kruger has said that Ethereum (ETH) challenger Solana (SOL) is likely poised for the rally.
Krger has told his 150,500 Twitter followers that he is bullish on Solana because the altcoin is likely to mimic the pattern of auto-yield protocol Yearn.Finance (YFI) in 2020.
“PA [price action] Reminds me of YFI in October 2020.
SOL Dec 2022 = YFI Oct 2020 (Small Magnitude). this is what i was talking about.
As of this writing, SOL is trading at $9.84, up more than 22% from its 2022 low of $8.03 registered on December 30. Solana has bounced back significantly in recent days, but he remains down more than 96% from the all-time high SOL set for her in November 2021.
Krger expects SOL to recover in the coming weeks, To tell He doesn’t think Solana will ignite a huge uptrend.
With open interest and funding so stretched, expect some mean rebound. Not as violent as YFI. Alameda is no longer there to squeeze people.
Kruger too Warning It is very likely that Solana will not return to all-time highs of around $260.
Meanwhile, market research firm Santiment is less optimistic about Solana’s future price performance.
By Santimento, Solana plummeted 73% in the last 8 weeks Deadline Fear, Uncertainty and Doubt (FUD) due to FTX collapse.
FUD is strong against a once-thriving asset, but there appears to be a pretty good reason for the halt in development activity.
Santiment adds that one technical indicator points to waning interest in Solana.
Other glaring issues point to a year-to-date low in trading volumes, and the asset doesn’t seem to have many signs of a ‘light at the end of the tunnel’. There are no guarantees in cryptocurrency, but chances are he is a difficult asset to stick with SOL at this point.
Ethereum founder Vitalik Buterin is also behind Solana. say it Blockchain may have a future.
“Some smart people have told me that Solana has a serious, smart developer community. And now that the terrible opportunistic money people have washed up, the chain has We have a bright future ahead of us, and while it’s hard to tell from the outside, I hope our community gets a fair chance to thrive.”
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