Crypto analysts predict God candle in Solana (SOL), while researchers claim deceptive design. Crypto analyst Tony M explains why Binance’s BUSD market cap growth is bullish for BNB price. We have compiled the forecasts and analyzes of analysts for two altcoin projects for our readers.
Solana’s design is deceptive, according to CyberCapital executives
Justin Bons, Founder and CIO of CyberCapital, has criticized Ethereum killer Solana for his record cuts, failures, hacks and scandals. Bons shared his views on the altcoin in a lengthy Twitter post on Oct. The CyberCapital executive claims that Solana’s origin is an blatant scam. He also argues that false statements have been made regarding the circulating supply of SOL.
1/25) Solana has been marred in controversy since its founding
With frequent downtime, failures, hacks & scandals!
This is why I have put together a short & incomplete history of SOL's skeletons
Working our way down a colorful history of lies, fraud & dangerous trade-offs:
— Justin Bons (@Justin_Bons) October 3, 2022
Solana’s latest network outage is an example of blockchain centralization. To resolve the outage and the node generating an invalid block, the developers decided to restart the cluster. According to Bons, this is indicative of centralization in Solana.
Bons also commented on how the majority of Solana’s Total Locked Value (TVL) is fake. He said that the situation in the Solana ecosystem is an ‘open secret’. Bons claims that 70% of TVL at Solana’s $10 billion peak has been tampered with by developers.
Analysts predict massive rise in altcoin price
Despite these criticisms, some analysts are optimistic about the future of SOL price. An analyst by the pseudonym Tradinglord evaluated the Solana price trend. The analyst identified one bullish indicator: Bollinger bands on Squeeze. This usually happens before a spike in volatility. The analyst says Solana price is ready for a major rally.
LEFT price chartTradinglord considers this as an indicator of an approaching God candle, which is the largest candle on a crypto trading chart that occurs as a result of unforeseen events. As you follow on Kriptokoin.com, Solana earned 7.5% for its owners last week.
“Binance Coin paves the way forward”
The analyst draws the technical drawing of Tony M BNB as follows. BNB price is up 7% in the step formation this month. This caused investors to wonder what to do about current market conditions. Techniques is more of a guessing game. That said, Binance has made a few developments in the crypto space lately.
Most notably, BUSD, the US dollar-pegged stablecoin based on Binance Blockchain, has crossed the $20 billion market cap. This means more than 400% growth in market capitalization since the beginning of the year. According to Binance, the stablecoin has become a reliable favorite among investors.
BUSD market capThe rise puts BUSD in third place below its USDC and USDT powerhouse rivals. BUSD requires a BNB gas fee on every transaction. So this is a promising gesture for the future of BNB. In theory, more demand for BUSD will create a demand for BNB as well.
Circulating supply indicator / Source: SantimentThe BUSD component adds an interesting mix to the grand scheme of things. According to Santiment’s 2-year circulation indicator, BNB has witnessed a significant influx of cryptocurrencies kept locked up in cold storage. Currently, BNB has 21 million tokens in circulation. A supply last witnessed in 2020, when BNB traded at $14 just before the 5x rally in 2021. Combining these factors, Binance seems to be positioning itself for crypto dominance. If the crypto market witnesses another bull run, it is possible for BNB to become a key player in terms of growth and support with the help of the ever-growing BUSD.
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