Cryptocurrency market experienced a huge drop today. The leading cryptocurrency, Bitcoin, lost 8.74%. BTC slumped below $22,000. The collapse was not limited to Bitcoin. Ethereum and altcoins suffered from the correction in the market.
Ether is down 10% below $1,700. The total value of the crypto market also fell to the level of 1 trillion dollars. Guy, an analyst at Coin Bureau, one of the leading crypto analysis channels in the market, shared an important analysis for an Ethereum rival altcoin in the midst of the crash.
The popular analyst discussed the future of Solana (SOL). The analyst told 2.09 million YouTube subscribers that Solana's current price could double if altcoins recover from the correction and continue to rally.
“The price action of SOL also looks interesting in several respects. In terms of raw price action, SOL could potentially pull 2x if the current recovery rally continues. That doesn't sound like much, but if the rally continues, it will be a bigger percentage gain than other major altcoins. There is more evidence to suggest that SOL could see a serious rally if the current crypto market momentum continues."
“Take a look at the weekly chart of SOL and ETH. Notice anything? Call me crazy if you like, but before we see a one to three-week rally against ETH, the SOL has been depreciating against ETH for about five to six weeks at a time. I see a pattern. Six weeks down and less than a month to The Merge. We may see another multi-week rally against ETH. Meanwhile, ETH will simultaneously gain value relative to BTC and hopefully in fiat. It means a double rise for the SOL I'm talking about."
The analyst also addressed Ethereum's upcoming update scheduled for mid-September. Guy believes the possibility of glitches or failures has sparked interest in many other ETH competitors, including Avalanche (AVAX) and NEAR Protocol (NEAR).
"Some of you may have noticed that Solana, Avalanche, Near Protocol and other Ethereum killers gather as the merger approaches. This is not a coincidence because there are many traders trying to protect their portfolios in case something goes wrong with the Merger."