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In the upcoming crypto bull run, one Ethereum (ETH) competitor could outperform the others, according to macro specialist and former Goldman Sachs CEO Raoul Pal.
In a recent ask-me-anything session, Pal asserted that when markets eventually rebound, some of Ethereum’s biggest competitors will stand to gain the most from growing crypto usage.
He said following the increase in usage, a significant amount of adoption flows over into Solana, Avalanche, and a number of other protocols in addition to ETH. As a result, he predicts that ETH will be in the lead, followed by a tail of other things as a new bull market begins.
Pal also believes that competing with Layer1 solutions will perform similarly to Ethereum between 2020 and late 2021. He is betting on Solana (SOL) as the closest competitor to watch.
According to Pal, he believes that many of these L1 coins in this cycle will be similar to ETH from the previous cycle. They’ll eventually grow to be quite powerful chains. While he was unsure about which coins could be them. He put his bet actually on Solana, but it could be any of them. Pal set aside more money for that, Solana, than he has for some of the others, but he is still keeping an eye on them and waiting to see, he added.
The creator of Real Vision also claims to be keeping an eye on Solana in its Ethereum pair, which he claims is building a potentially bullish pattern.
Pal says the DeMark indicator is flashing bullish on various timeframes for the Solana and Ethereum pair. This indicator attempts to determine the directional trend of an asset by comparing the most recent maximum and minimum prices to the price of the previous period. He further added that he has some ETH, but he’s not yet prepared to stake it on switching it to Solana. Instead, he’s keeping an eye on it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
