A closely followed strategist is predicting that one Ethereum (ETH) rival will repeat the competitor’s parabolic rally from the last crypto cycle.
“In a private group (can’t dox Excel chart of picks or people), my pick for the best-performing coin of the bounce this year was SOL. The idea that a darling of the last cycle would do very well. I shared this chart of the beginnings of ETH vs. SOL, and I still think SOL probably does more or less the same. The cheering got pretty loud for this one.”
According to his chart, SOL’s recent price action to the $27 level mirrors ETH’s sudden move to $280 in 2020. ETH then went on a parabolic rally, which he says SOL will likely mirror as well.
Solana is trading for $25.23 at time of writing, up 8.7% during the last 24 hours.
“I think I have probably beat this drum during every stream, and weekly here on Twitter now for the last six months. The view around BTC, ETH, and a handful of others is much longer now. Spot bags are built and there are no outright shorts. Everything short is trading around a core position.”
Bitcoin is trading for $29,459 at time of writing, up 0.8% in the last 24 hours, while Ethereum is worth $1,868, up 0.4% in the last 24 hours.
Also on the trader’s radar is the declining market cap of stablecoins, which indicates a decline in liquidity in the overall crypto markets.
He says that the market cap of stablecoins will likely start to increase either when there is an approval of a spot Bitcoin exchange-traded fund (ETF) or the halving event expected in April of next year when miners’ rewards are cut in half.
“Cryptos own money supply. We aren’t there yet and we need a catalyst.
BlackRock ETF could be it. Halving is a close second.”
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