HomeBITCOINAnalyst Identifies Solana as Top Altcoin Choice, Potentially Outshining Ethereum

Analyst Identifies Solana as Top Altcoin Choice, Potentially Outshining Ethereum

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Solana (SOL) has caught the attention of former Goldman Sachs executive Raoul Pal, who recently stated that it is one of his preferred altcoin choices and a potential competitor to Ethereum’s dominance.

In a recent interview, Pal emphasized Solana’s unique strengths, specifically its unmatched speed and performance, which led payments giant Visa to select it as their preferred platform.

Pal expressed his enthusiasm for SOL, referring to it as one of his top altcoin choices and a contender for the most promising project outside of Ethereum. He also highlighted the growing influence of Solana’s co-founder, Anatoly Yakovenko, also known as Toly, in the cryptocurrency world.

Pal’s bullish stance on Solana is based on its speed and exceptional performance, qualities that have attracted attention from major players such as Visa. Pal stated:

“So, why is Visa using Solana? Because it’s fast. It’s fast, and it does a good job.”

This sentiment highlights the uniqueness of Solana compared to Ethereum and suggests potential interconnectivity between these blockchain ecosystems. Visa’s recent announcement of its entry into stablecoin settlement capabilities on Solana further strengthens its credibility in the industry.

Solana: Recent Market Performance And Outlook

Despite Pal’s optimistic outlook, the charts tell a different story for Solana. On August 5th, SOL experienced a bearish market structure as its price dropped below the crucial $22.73 support level. In mid-August, the cryptocurrency saw a significant decline, with a staggering 23.8% drop from its recent peak.

SOL market cap currently at $8 billion on the daily chart: TradingView.com

Prevailing Bearish Momentum 

Currently, Solana remains in the grip of this downtrend, with its market structure showing no signs of a reversal. The Relative Strength Index (RSI) is below the critical 50-point mark, indicating the prevailing bearish momentum. The bulls’ key defense line is the 78.6% retracement level at $16.94.

According to analysts, a test of this support level could present a viable buying opportunity, potentially aiming for local highs at $25.5, $29, and an ambitious $32. However, a drop below the $15.5 mark would invalidate any hopes of a bullish reversal at the 78.6% retracement level.

SOL price action in the last week. Source: Coingecko

Market Statistics

At the time of reporting, SOL was trading at $19.84 on CoinGecko, showing a 3.7% gain in the past 24 hours. Over the previous seven days, SOL had experienced a commendable rally of 12.5%.

In contrast, Ether (ETH) was priced at $1,637.25, with a modest 0.3% increase in the past 24 hours. Over the same seven-day period, ETH recorded gains of 5.5%.

(This site’s content should not be considered as investment advice. Investing comes with risks, and your capital is at risk when you invest).

Featured image from Britannica

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