Coin Bureau host Guy, a closely followed crypto analyst, states that leading Ethereum competitor Solana is facing technical hurdles. The analyst also notes that another altcoin project has emerged as a major competitor to Solana (SOL). Here are the details…
Investors turn to SOL rival altcoin project
Popular crypto analyst and Coin Bureau host Guy, two million YouTube subscribers, after investors’ network outages and hacks affecting the perceived reliability of Blockchain says they are looking for an alternative altcoin to a Solana. The analyst explains that investors are turning to the decentralized application (DApp) platform Near Protocol (NEAR) for this reason:
Near Protocol appears to be the primary buyer for these users and investors, which is Solana’s primary competitor. it makes sense if you think about it. Their blockchains have similar architectures, use the same programming language, the software companies that created them are located in the same region and are backed by the same crypto VCs.
Legendary Analyst Gave 5 Altcoins and Entry Levels to Buy! The popular crypto analyst points to other reasons why SOL price is struggling despite updates, developments, announcements and partnerships in the altcoin ecosystem. Here’s why, according to the crypto YouTube channel Coin Bureau presentation:
SOL is an altcoin, which means its price action is highly correlated with BTC. As you’ve probably noticed by now, Bitcoin has been going through tough times since December 2… According to CoinGecko and CoinMarketCap, SOL’s circulating supply has increased by between 20 and 22 million, respectively. Assuming the average price per SOL is about $100, this leads to over $2 billion in potential selling pressure, assuming all SOL is sold.
SOL will retest their previous ATH
Guy, whose analysis we follow with interest as Kriptokoin.com, also considers the current performance of Solana, an Ethereum rival altcoin. However, the analyst states that once the crypto markets enter a more defined bull run, the altcoin project will likely retest its previous all-time highs:
There are over half a dozen different institutional investment vehicles for SOL, and as I understand it, SOL’ They have seen a decent amount of entry since December despite the low price action of the market.
According to the analyst, OpenSea’s recent launch in Solana seems to have resulted in an increase in user service demand for SOL, according to the analyst. This can be assumed to be the case, given that the overall value locked in the altcoin project’s DeFi protocols continued to drop during SOL’s recent rally, according to the popular analyst.
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