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A popular analyst known for his in-depth research explains what’s next for top Ethereum (ETH) competitors.
A pseudonymous host of the Coin Bureau, known as Guy, in a new strategy session To tell His 2.09 million YouTube subscribers believe the price of Layer 1 protocol Solana (SOL) could double if the broader altcoin rally continues.
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 glitches and the possibility of complete failure have sparked interest in several of his other ETH rivals, such as Avalanche (AVAX) and his NEAR Protocol (NEAR).
Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers are rallying together 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 Solana observes that the peak appears to follow a pattern of troughs and spikes that could 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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Featured image: Shutterstock/Vadim Sadovski/solvertv
