Altcoins

What’s Next For Solana (SOL) and Ethereum (ETH): Analyst Maps Next Levels

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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After 2022 passes, industry professionals will speculate about the future of the bitcoin sector. DonAlt, a well-known pseudonymous analyst, predicts that 2023 will be the year when Solana, a competitor to Ethereum, experiences its biggest rally yet. This follows a 95% drop in the sector last year.

A Breath Of Fresh Air For Solana

Analyst DonAlt recently pointed out that Solana (SOL) could see a significant rise if investors and traders bet on Ethereum’s continued decline. 

While some are shorting SOL, DonAlt’s speculation is at $4.20, which he finds to be a good value. However, he is worried that it may not succeed. Despite the market’s disappearance this week, DonAlt frequently purchases items during secondary capitulation events and sees this as a good opportunity to do so.

To put it another way, “I could see a move from $10 to $16 happening any time soon,” which is a significant transaction.

Solana has increased by more than 12% in the previous 24 hours and is currently trading at $11.12. The smart contract protocol might increase in value by more than 43% if it were to reach DonAlt’s goal.

A recent tweet from Ethereum co-founder Vitalik Buterin has sparked a rally for Solana, a rival cryptocurrency to Ethereum. The tweet has caused Solana’s price to increase by about 10%. Buterin stated that Solana has a “bright future,” despite the brutal FTX collapse.

Will ETH break the key resistance level? 

ETH fell to $1,192 after a gloomy start. ETH found support at $1,192 and surged to $1,225. ETH broke through R1 at $1,206 and R2 at $1,212 to close at $1,214. 

The crypto researcher thinks Ethereum is exhibiting relative strength but must break a crucial resistance level to turn bullish.

  • If ETH were to increase in price from here, and it was to encounter resistance at $1300 (as an example), it would appear to be going against the trend.
  • Moreover, DonAlt claims that 2022 was a ‘banner year’ for positive Ethereum growth.
  • One of the main crypto tales is ETH deflation. We haven’t seen it yet. He thinks it’s on hold since the market’s bad. He wouldn’t want to lose that. If it hits $800, & crashes in $800 he’ll purchase it. If it crosses $700, he will purchase it. Or if it shows strength through $1,300, He’d be ready to go on a greater investment since he feels ETH has more upside.

The Bottom line

Despite the recent upswing, traders and investors in cryptocurrencies should not discount the influence of macroeconomics. Since SOL is still highly correlated with Ether, its price action tends to follow that of ETH to some extent.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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