Real Vision CEO Raoul Pal says that Solana (SOL) is likely to maintain its bullish trend against its smart contract rival Ethereum (ETH).
In a new blog post, the former Goldman Sachs executive says he is keeping a close eye on the Solana versus Ethereum (SOL/ETH) pair.
According to Pal, he sees Solana outperforming Ethereum after the pair parted ways from a descending channel.
“Lastly, SOL is up over 30% on the month (+150% YTD!) and has broken the downtrend against ETH. This is something we have been waiting for for a while now and we believe this trend will continue to rise.”
Solana is trading at $23.25 at time of writing, down more than 5% over the last 24 hours.
In a new strategy session, the macro guru says he believes the broader crypto markets are likely to outperform other asset classes in the current cycle, citing broader global adoption and continued fiat currency downgrade.
Pal also says that the approval of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) will likely propel the crypto markets to greater heights.
“[Crypto] beats everything in this kind of cycle. Like technology, it’s driven by the debasement of central banks, of the fiat currency market, particularly the global reserve currency of the dollar, but all of them together really.
And furthermore, it is driven by the secular trend. The adoption trend of cryptocurrencies is huge. Now there are 421 million wallets. It keeps going up every year. Even last year in a bear market, it grew 40%. So in the next few years, we’ll probably grow that number to a billion pretty quickly.
So we have a big change coming up. The adoption in progress. We have central bank digital currencies coming up, which, like it or not, is still an adoption of blockchain technologies.
We also have pay rails and all that kind of stuff. Also, people are considering tokenizing the prices of assets, like bonds and the like. So the financial world is moving towards blockchain, which is a central thesis of mine.
On top of that, we now have the on-ramps for the average bettor that is the ETF. I think ARK (Invest) gets the first one on Aug 13, 18 or whatever. That will open the floodgates. I think prices will go up anyway, my forecast is moving to much higher prices anyway.”
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