Real Vision CEO Raoul Pal says that Solana (SOL) is likely to sustain its uptrend against its smart contract rival Ethereum (ETH).
In a new blog post, the former Goldman Sachs executive says that he’s keeping a close watch on the Solana versus Ethereum (SOL/ETH) pair.
According to Pal, he sees Solana outperforming Ethereum after the pair broke out from a descending channel.
“Lastly, SOL is up over 30% on the month (+150% year-to-date!) and has broken the downtrend versus ETH. This is something that we’ve been expecting for a while now and we think this trend will continue higher.”
Solana is trading for $23.25 at time of writing, down over 5% during the last 24 hours.
In a new strategy session, the macro guru says that he believes the broader crypto markets are likely to outperform other asset classes in the current cycle, citing wider global adoption and continued fiat currency debasement.
Pal also says that the approval of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) will likely push the crypto markets to greater heights.
“[Crypto] outperforms everything in this type of cycle. Like, technology, it is driven by the debasement of central banks, of the fiat currency market, particularly the world’s reserve currency of the dollar, but all of them together really.
And in addition, it’s driven by the secular trend. The adoption trend of crypto is huge. It is now 421 million wallets. It keeps going up every single year. Even last year in a bear market, it grew 40%. So in the coming years, we will probably get that number up to a billion pretty fast.
So we’ve got a huge change to come. The ongoing adoption. We’ve got central bank digital currencies to come which is, whether you like it or not, still an adoption of blockchain technologies.
We also have payments rails and all of that kind of thing going on. Plus people are looking at tokenizing asset prices like bonds and stuff like that. So the financial world is moving onto blockchain, which is a core thesis of mine.
In addition to that, we have now the onramps for the average punter which is the ETF. I think ARK (Invest) gets the first one across on August 13th, 18th or whatever it is. That will open the floodgates. I think prices will be rising into that anyway, my forecast forwards to much higher prices anyway.”
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- Source: https://dailyhodl.com/2023/07/25/former-goldman-sachs-executive-says-solana-sol-set-to-outperform-ethereum-eth-heres-his-outlook/
