A widely followed crypto analyst says that Solana (SOL) has enormous upside potential in the next bull cycle.
In a new video update, Coin Bureau host Guy Turner says that Solana could go on a huge rally as other digital asset projects compete against SOL in the crypto space.
“Solana could have serious potential during the next crypto bull market. This is simply because most of the new layer-1s have branded themselves as Solana killers. Consider that the cryptos that did the best during the previous cycle were those that branded themselves Ethereum killers.
In the end, both ETH and these Ethereum killers saw massive gains. It’s possible that we’ll see a similar scenario play with SOL and all the Solana killers during the next cycle. However, this assumes that Ethereum hasn’t already won the layer-1 competition, which, you’ll recall, seems to be the case.”
Solana is trading for $19.68 at time of writing, down 5.3% in the last 24 hours.
The trader also weighs in on Binance Coin (BNB), which is at risk of losing key support at the $200 level.
He believes that the price action of BNB will largely be determined by regulatory developments in the United States, including what happens with the lawsuit the U.S. Securities and Exchange Commission (SEC) has filed against Binance.
“Now whether BNB can bounce from its recent lows fundamentally depends on what happens with Binance. If we suddenly start to see positive regulatory developments such as settlements with US authorities, which are reportedly in the works, BNB could explode to the upside on the news.
Alternatively, if the regulatory crackdown on Binance continues, then BNB could continue to suffer. This is what the charts suggest, but I’ll remind you that technicals don’t work too well with exchange tokens. There could be unforeseen zones of support for BNB if it does break below that $200 level.”
BNB is trading for $216 at time of writing, down 3% in the last 24 hours.
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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.
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