Solana (SOL) Poised to Outperform Bitcoin and Ethereum: Analyst Inmortal’s Prediction
Inmortal, a pseudonymous crypto analyst, has made a bold prediction that Solana (SOL) will outperform Bitcoin and Ethereum in the current market cycle. Inmortal refers to SOL as the “fastest horse” in this cycle, suggesting that the asset’s performance will surpass that of other leading cryptocurrencies.
The analyst’s optimism is based on Solana’s historical price action, with a comparison to late 2020 indicating a potential parabolic move on the horizon. Inmortal believes that if Solana can break through the current resistance level of $200, a significant price surge is expected.
Despite a recent 6% decline in price, Solana is currently trading at $181. The prediction by Inmortal is rooted in technical analysis, and if SOL continues its upward trend, a substantial price increase could be on the horizon.
The overall crypto market has shown signs of recovery, with trading volumes for Bitcoin, Ethereum, and Solana surging at the end of the week. Ethereum rebounded to $3,000, Bitcoin approached $70,000, and Solana was close to hitting $200. Solana’s market capitalization has seen a 56% improvement over recent lows, with expectations of continued bullish momentum in Q3 2024.
Solana’s recent gains can also be attributed to the rise in memecoin trading on platforms like Pump. Fun and Moonshot, both based on the Solana blockchain. The memecoin market has reached a valuation of over $50 billion, leading to increased revenues and trading volumes on Solana.
Overall, Inmortal’s prediction and the recent market trends indicate a positive outlook for Solana in the coming months, positioning it as a standout performer in the cryptocurrency space.
