Analyst Says Solana (SOL) Looking ‘Pretty Strong’ Against Bitcoin (BTC) – Here’s His Outlook
A widely followed crypto analyst says that smart contract platform Solana (SOL) is likely to outperform Bitcoin (BTC) in the short term.
In a new strategy session, pseudonymous crypto trader Credible Crypto tells his 408,400 followers on the social media platform X that Solana is “looking pretty strong” when paired against Bitcoin.
According to the trader, Solana will record a new local high if it rises above the “cluster of resistance” sitting below the 0.0031 BTC price.
Solana is trading for 0.0026791 BTC ($153) at time of writing.
However, Credible warns that the Solana/Bitcoin pair could fall by up to a staggering 95% from its current level.
“That being said, I think all those built-up lows below us [0.001359 BTC, 0.0018 BTC, 0.0019666 BTC and 0.00198 BTC] ultimately end up getting swept, so don’t get euphoric if we do take the highs here.”
While the trader says that Solana could outperform Bitcoin over the short term, he notes that the utility token of the decentralized finance (DeFi) protocol Curve DAO (CRV) could post higher returns than SOL over the long run.
“You think SOL will go to $1000? Even if it does, congratulations, that’s a 7x. CRV will be a 30x at prior all-time high, above that you’re hitting 40x, 50x, etc. You want the potential 7x or the potential 50x? The only difference between the two is patience.”
According to Credible Crypto, his bullish thesis on CRV hinges on the premise that the supply of the DeFi altcoin will fall and continue to fall over the next year.
“CRV has gone from ‘hyper-inflationary’ to deflationary. Over the next 12 months (August 2024 to August 2025), there will be around approximately 137 million CRV added to circulating supply via protocol emissions.
Over the last two months approximately 154 million CRV has been locked (effectively burned)- more than the total amount of emissions that will be released over the next 12 months.”
CRV is valued at $0.233 at time of writing, a 1.7% increase on the day.
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