The crypto publication Coin Bureau’s pseudonymous host is giving price analysis on the altcoins Solana (SOL) and Algorand (ALG) (ALGO).
Guy, the analyst, warns his 1.41 million subscribers in a new video that the price of Algorand could reach new highs in the coming weeks.
The historical pricing of ALGO isn’t pretty. This is due in part to the fact that ALGO began trading during the previous bull market, but it is mostly due to the accelerated vesting and structured selling strategies I mentioned previously.
ALGO’s price has historically been suppressed due to constant increases in supply, though this appears to be changing. ALGO recently surpassed its ICO price of $2.40, and while it was swiftly pushed down as investors grabbed profits, I believe ALGO has the potential to achieve new all-time highs in the coming weeks.”
Guy also believes Algorand has the potential to become one of the top 10 most valuable cryptocurrencies by market capitalization, potentially boosting the price by a factor of four.
“Although ALGO’s price isn’t very high, its market capitalization is, implying that it has limited upward potential.” Nonetheless, based on its principles, there is a significant difference between where ALGO is and where it could be.
ALGO could easily break into the top ten cryptocurrencies in terms of market capitalization, especially once the accelerated vesting period is over. This would correlate to a 3x to 4x price increase, which is a reasonable long-term explanation, and by long-term, I mean one to two years.”
Solana is expected to earn less than ALGO, according to the trader.
“In terms of short-term price activity, SOL has held up rather well in response to recent crypto market crashes, and it is only a small distance away from a recent all-time high.”
Because SOL’s market value is already so huge, it has far less room for price growth than Algorand. If SOL reaches $220 in the coming weeks, ICO investors will have received a 1000x return on their investment.
At this point in time, a reasonable long-term price goal for SOL would be about $300, which is little less than a 2x rise from its current price.”
How far Solana and Algorand will go, according to the analyst, will be determined by how the rest of the crypto market performs in the next one to two years. In terms of adoption, both assets are now doing well. According to Guy, Algorand has 250,000 users while Solana has at least 500,000.