Macro expert and former Goldman Sachs executive Raoul Pal says that one Ethereum (ETH) competitor could outshine the rest in the next crypto bull run.
In a recent ask-me-anything session, Pal says that some of Ethereum’s biggest rivals will benefit the most from increasing crypto adoption when markets ultimately pick up again.
[adinserter block="1"]“As adoption keeps building, a lot of adoption spills outside of ETH into the Solana, Avalanche, and a bunch of other protocols as well. So I think we’re going to see ETH lead the charge, and then we’ll see this tail of stuff starting to come as we start a new bull market and generally things work that way.”
Pal predicts that competing layer-1s will perform like Ethereum did between 2020 and late 2021, and he’s placing his chips in Solana (SOL) as the one to watch closest.
“I think a lot of these layer ones this time around will be like ETH in the last cycle. They’ll end up becoming very large dominant chains. Which ones? I don’t really know. My bet is really on Solana, but it could be any of these… Solana, I’ve got more allocated towards that, than I have some of the others, but I’m watching them and waiting to see.”
The Real Vision founder also says he’s got his eye on Solana in its Ethereum pair (SOL/ETH), which according to the macro guru is forming a potentially bullish setup.
He says the DeMark indicator, which aims to detect the directional trend of an asset by comparing the most recent maximum and minimum prices to the previous period’s price, is flashing bullish on multiple timeframes for SOL/ETH.
“I’ve had also, technically a perfect monthly, daily, weekly, DeMark setup in the Solana/ETH cross. Now I’m not yet ready to make the bet that I would switch my ETH into Solana, but I have some, but I’m observing that to say, ‘Let’s see if that plays out,’ because that would be a narrative that people don’t really expect. I’m not saying Solana will become bigger than ETH, I’m just saying, ‘Can it outperform in this cycle?'”
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Milos Stojiljkovic
Generated Image: DALLE-2
