The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Economist Alex Kruger Says Solana Mimicking One Altcoin’s Pattern Before 2020 Breakout

by Daily Hodl Staff
December 31, 2022
in Altcoins, Trading

Widely followed economist Alex Krüger says that Ethereum (ETH) challenger Solana (SOL) is likely positioned for a rally.

Krüger tells his 150,500 Twitter followers that he’s bullish on Solana as the altcoin is likely mimicking the pattern of automatic yield-farming protocol Yearn.Finance (YFI) in 2020.

“PA [price action] makes me think of YFI October 2020. 

SOL Dec/2022 = YFI Oct/2020 (in smaller magnitude). This is what I was talking about.”

Image
Source: Alex Krüger/Twitter

At time of writing, SOL is trading at $9.84, up over 22% from its 2022 low of $8.03 registered on December 30th. Although Solana has managed to bounce significantly in the last couple of days, it remains down over 96% from its all-time high, which SOL hit in November 2021.

While Krüger expects SOL to rally in the coming weeks, he says he does not see Solana igniting huge upswings.

“Open interest and funding very stretched tell me to expect some mean reversion. Not as violent as with YFI. Alameda not there any longer to squeeze people.” 

Krüger also warns that it is very likely that Solana will never revisit its all-time high of around $260.

Meanwhile, market intelligence firm Santiment has a less optimistic view of Solana’s future price action.

Per Santiment, Solana plummeted 73% in the past eight weeks due to fear, uncertainty and doubt (FUD) from the FTX collapse.

“The FUD is strong toward the once thriving asset, but there appears to be some pretty good justification with development activity coming to a halt.”

Santiment adds that one technical indicator shows that interest in Solana is waning.

“Other glaring issues point to trading volume being at year-low levels, and this asset just doesn’t seem to have a lot of signs pointing to any ‘light at the end of the tunnel.’ Although nothing is a guarantee in crypto, probabilities point to SOL being a tough asset to have an argument for hanging on to at this time.”

Source: Santiment

Ethereum founder Vitalik Buterin is also weighing in on Solana, saying the blockchain may have a future.

“Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Submit a Press Release

Industry Announcements

  • Sui Joins DeFi Leaders, Topping $100 Million in Bridged USDC
    December 7, 2023
  • WOW EARN Unveils Layer One Blockchain, Redefining Efficiency and Global Accessibility
    December 5, 2023
  • LandX Closes Private Round Securing Over $5 Million in Private Funding
    December 4, 2023
  • Chromia Confirms Mainnet Release in 2024
    December 4, 2023
  • CAGA Crypto – Decentralized Financial Movement Unveiled on MEXC and Bitget
    December 4, 2023
  • TMNG Tokens Successfully Listed on MEXC Crypto Exchange
    December 1, 2023
  • Sui Surpasses $150 Million in TVL, Showcasing Blistering DeFi Momentum
    November 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$41,608.15
$41,608.15
5.21%
Ethereum
$2,205.64
$2,205.64
6.26%
Cardano
$0.542725
$0.542725
8.9%
XRP
$0.618472
$0.618472
6.56%
Dogecoin
$0.094289
$0.094289
6.45%

Spotlight

  • Crypto Strategist Unveils Bitcoin (BTC) Path to $83,000, Gives Short-Term Ethereum Price Target
    December 4, 2023
  • Crypto All Set for Renewed Economic Expansion As Biggest TradFi Firms Eye Industry With Envy: Raoul Pal
    December 4, 2023
  • ‘Giant Whale’ Accumulates 41,779 Ethereum (ETH) Worth $76,800,000 Since September: On-Chain Data
    December 4, 2023
  • PlanB Says Bitcoin Price Explosion to $60,000 Range Imminent As BTC Halving Approaches
    December 4, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl