A popular crypto analyst says he’s now optimistic on the trajectories of two Ethereum (ETH) challengers.
In a new strategy session, the host of InvestAnswers tells his 421,000 subscribers that he’s “super bullish” on LUNA because of Terra’s plans to flip from an algorithmic stablecoin project to one that’s backed, in part, by Bitcoin (BTC).
“I love LUNA. I have become almost super bullish about LUNA because of what they have planned. Flipping from an algorithmic stablecoin to a Bitcoin-backed or even partially Bitcoin-backed stablecoin could be an absolute game changer. I mean the sky’s the limit.”
Recently, Terra co-founder Do Kwon announced it would be purchasing billions of dollars worth of BTC for its TerraUSD (UST) reserves.
According to the analyst, Ethereum competitor Solana (SOL) is also displaying metrics that show it is undervalued.
He says that as long as Ethereum keeps altcoin markets afloat, SOL should ultimately take out its resistance around $150.
“This is the best SCP (smart contract platform) out there, despite it just being in beta mode and having its problems back in September, but it’s completely undervalued. Every single metric, 19 metrics are bombastic. One is bad and that’s total value locked (TVL), not bad but not as strong as others because they don’t give the same level of incentives… But I think it’s only a matter of time. If Ethereum runs to $4,000, I definitely see Solana going high and fast and far, but you never know what could happen. Avalanche could hit $200. LUNA could hit $250. Solana could languish around $150…
So right now my preferred piece would be Solana number one and LUNA number two.”
Terra is changing hands for $95.59 at time of writing, a 3% increase on the day while Solana is trading for $95.19, a 2.3% gain in the same time frame.
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The post Crypto Analyst Calls One Ethereum Rival ‘Heavily Undervalued’, Updates Outlook on Terra (LUNA) and Solana (SOL) appeared first on The Daily Hodl.