Altcoins

$SOL: Coin Bureau Bullish on Solana for Altcoin Rally

The host of popular crypto analytics and market commentary show Coin Bureau is bullish on the outlook for Solana ($SOL) saying that the altcoin could potentially double in price if the current rally continues. 

Speaking in a recent YouTube update, Coin Bureau’s host “Guy” told viewers that he has been keeping an eye on $SOL and its “interesting” price action during the current altcoin rally. Guy predicted that $SOL could potentially double in price if the current trend continues, which has driven a small recovery in the crypto markets.

While he admitted that a doubling in price for Solana “doesn’t sound like much,” he did highlight that the coin’s price appreciation would eclipse that of other larger cap cryptoasstes. 

He also noted the influence of FTX CEO Sam Bankman-Fried commenting that Solana was potentially underrated. 

As reported by The Daily Hodl, Guy said, 

That’s why there’s some legitimacy to [FTX CEO] Sam Bankman-Fried’s remark that Solana is underrated. There’s some more evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues. 

The show’s host pointed to a trend in $SOL’s trading pair against $ETH, which typically goes on a one-to-three week rally following a period of relative value loss. 

Guy also tackled the influence of Ethereum’s upcoming Merge upgrade in September, which will shift the Ethereum blockchain fully from Proof-of-Work to Proof-of-Stake. Coin Bureau’s host said that some investors are betting on Ethereum experiencing glitches and other errors during the transition, leading to a bump in interest for smart chain rivals such as Avalanche ($AVAX) and Near Protocol ($NEAR). 




He continued, 

Some of you may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers have been rallying as the Merge approaches. This is no coincidence, as there are many traders who are likely trying to hedge their portfolios in case something goes horribly wrong with the Merge. 

On August 12, former White House Director of Communications Anthony Scaramucci, who is the founder and managing partner of global alternative investment firm SkyBridge Capital, shared his thoughts on the crypto market.

Scaramucci spoke to Melissa Lee on CNBC’s “Squawk Box”, and according to a report by The Daily Hodl, here is what he had to say about the current macro environment and the crypto market during this interview:

“You’re getting better-than-expected inflation data… I was just looking at the fourth quarter [of] 2019 – GDP numbers, the inflation and unemployment numbers...

And if you just stop and think about it, we hit pause, the pandemic created this havoc, we inducted a lot of money into the system that caused some inflation, and obviously you had the supply chain disruption. But you could very well get back to that fourth quarter of 2019, which was a very strong economy, low unemployment, and benign inflation – that’s probably six to 12 months away, and I think the market’s starting to realize that. The crypto market, obviously, it is our belief that most of the leverage is completely out of that system...

“If you’re out of the market for the ten best days, you’ve reduced your return from a 7.5% return to a 2% return… I don’t want us to start herking and jerking the portfolio based on emotion. Again, we’re up 45% since we last spoke. We did nothing but hold the positions and stick to our discipline. I think that’s the message I’m trying to send to investors… I tell people, ‘Just relax. See through this.’ We see a pretty optimistic scenario for Bitcoin, Ethereum, Solana and Algorand over the next 12 to 24 months.

Image Credit

Featured Image via Pixabay

Source link

Leave a Comment