A former Goldman Sachs executive and founder of Real Vision said that Solana could overtake all of Ethereum’s competitors during the next crypto-asset growth cycle.
Former Goldman Sachs top banker Raoul Pal predicts that Ethereum’s competing blockchains will grow in a new bull cycle, just as Ethereum grew from 2020 to the end of 2021. That’s why Raoul personally invested in SOL, which is the closest of the competitors to ETH.
The founder of Real Vision said that he has long tracked Solana paired with Ethereum (SOL/ETH). This pair, according to Pal, forms a potentially bullish set-up (candles with equal lows).
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The macro expert explains that the DeMark indicator, designed to determine the trend direction of an asset by comparing the most recent maximum and minimum prices to the price of the previous period, shows a bullish signal on several timeframes for SOL/ETH.
In addition, a number of competing blockchains have made great progress in transaction scalability and now Ethereum finds itself in the role of catching up with these technologies. Solana clearly demonstrates to users the capabilities of the SVM virtual machine, which allowed it to overtake the performance of the VISA payment system — a sacred goal for Vitalik Buterin. Also, according to Nansen analysts, Solana’s blockchain overtook the Ethereum ecosystem in June in terms of the number of transactions.
The popularity of the SVM virtual machine could be a real problem for the second-largest altcoin because of the incompatibility of the two systems.
The rapid development of Solana could make the SVM format a template for GameFi and NFT, these sectors representing a significant portion of this blockchain’s capitalization. Multiple problems with the transition to PoS, which we wrote about earlier, could lead to an exodus of developers to other blockchains, reducing the dominance of the second altcoin.
Just to remind you, Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, despite technical problems with the Solana network, is also a strong believer in SOL, stating that the project has done a lot of work on the mistakes to make Solana more reliable.
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