A famous analyst known for his extensive research is outlining what could be on the horizon for an Ethereum (ETH) competitor.
In a new strategic session, Coin Bureau pseudonym host known as Guy tells his 2.09 million YouTube subscribers that he thinks the Solana (SOL) Level 1 Protocol could double in price if the broader altcoin rally continues. to turn.
“SOL’s price action also looks attractive from several angles. In terms of crude price action, SOL could potentially double if the current recovery rally continues. That doesn’t sound like much, but if the rally continues, it would be a bigger percentage gain than other large-cap altcoins.
That is why there is some legitimacy [FTX CEO] Sam Bankman-Fried’s observation that Solana is underestimated. There is other evidence to suggest that SOL could see a serious rally if the current momentum of the cryptocurrency market continues. ”
The analyst also discusses Ethereum’s transition to a proof-of-stake (PoS) consensus mechanism expected in mid-September. He believes the prospect of glitches or outright failure is sparking interest in many other ETH rivals, including Avalanche (AVAX) and NEAR Protocol (NEAR).
“Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers gathered as the Merger approached. This is no coincidence, as there are many traders who are likely looking to hedge their portfolios in case something goes terribly wrong with the merger. “
Guy concludes by examining the price of SOL on the ETH trading pair, noting that Solana appears to follow a pattern of lows and peaks where a spike could coincide with the impending Ethereum merger.
“Take a look at the SOL versus ETH chart on the weekly. Do you notice anything? Call me crazy, but I see a pattern where SOL loses value against ETH for about five to six weeks at a time, before seeing a one to three week rally against ETH.
It’s been six weeks of decline, and with the Merge less than a month away, we could see another multi-week rally against ETH, all while ETH is simultaneously gaining value against BTC. [Bitcoin], and hopefully also in legal terms. That would result in that 2x gain per G I mentioned “.
At the time of writing, Solana is down 4.57% and is trading at $ 38.67. With Ethereum priced at $ 1,821, SOL is currently standing at 0.02123 ETH.
I
Don’t miss a beat – sign up to receive cryptographic email alerts sent directly to your inbox
Check out the price action
Follow us on TwitterFacebook and Telegram
Navigate Hodl’s daily mix
 
Disclaimer: The views expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Vadim Sadovski / solvertv