A renowned analyst with in-depth research is laying out what could happen to a top Ethereum (ETH) competitor.
In a new strategy session, coin bureau host Guy told his 2.09 million YouTube subscribers, that Solana’s layer-1 protocol (SOL) could double in price if the altcoin (Ethereum) rally continues.
In terms of raw price action, SOL is likely to increase 2x if the current rally continues. This may not sound like much, but if the rally continues, it will be a larger percentage gain than other large-cap altcoins.
The analyst also discussed Ethereum’s transition to PoS in mid-September. He believes that the prospect of a glitch or outright failure is sparking interest in several other ETH rivals, including Avalanche (AVAX) and NEAR Protocol (NEAR).
“Some may have noticed that Solana, Avalanche, Near Protocol and other so-called Ethereum killers rallied as The Merge approached. This is no coincidence, as there are many likely traders who are trying to protect their portfolios in the event of a terrible incident with the Consolidation. “
Guy concluded by examining the price of SOL on the ETH trading pair, observing that Solana seems to follow a strong and bullish bottom pattern where the top may coincide with Ethereum’s upcoming The Merge.
“Take a look at the weekly SOL vs ETH chart. Have you noticed anything? Call me crazy, but I see a pattern in which SOL loses value against ETH for about five to six weeks at a time, before witnessing a one- to three-week rally against ETH.
It’s been six weeks of declines, and with the Consolidation taking place less than a month away, we could see another multi-week rally against ETH, while increasing in value against BTC and hopefully legally as well.