- The former Goldman Sachs executive remains hopeful for an Ethereum rival to see a good market run soon.
- The rivalry extends beyond the DeFi and NFT sphere due to new price movement trends.
Former Goldman Sachs executive Raoul Pal has made a shocking prediction that an altcoin could eclipse its peers in the next cryptocurrency bull run. During an “Ask Me Anything” session, the macro expert said the altcoin would benefit more from the growing popularity of the cryptocurrency. Pal said he was confident that Solana would perform exceptionally whenever the market fully recovered.
The former Goldman Sachs executive explained,
As adoption continues to grow, many adoptions are spreading outside of ETH into Solana, Avalanche, and a bunch of other protocols as well. So I think we’re going to see ETH lead the charge and then we’ll see that tail of things start to happen as we start a new bull market, and generally things work out that way.
Emerging indications that reinforce Raoul Pal’s prediction
Additionally, Raoul Pal said that Solana will likely repeat Ethereum’s 2020 and 2021 progress. He added that investors should be careful with the token. Pal said he is watching Solana with his Ethereum (SOL/ETH) pair, and there are signs that Solana is on the verge of a bull run. As part of the signs for his prediction, Pal revealed how the DeMark indicator is pointing up on many timeframes for SOL/ETH.
The DeMark indicator is a tool that can detect the directional movement of an asset. The tool allows to compare the recent maximum and minimum price of the maintenance of the asset with the price of the previous period. The macro expert illustrated how Solana’s price trend indicator is similar to what ETH recorded during the last cycle. For now, Raoul Pal is beaming with confidence that Solana will prosper once the crypto winter is over.
ETH is widely considered the second largest cryptocurrency behind BTC. However, it currently faces fierce competition from Solana in the DeFi and NFT space. Nevertheless, Ethereum remains the most important blockchain for DeFi and NFT projects, with Solana in second place.
Now, Solana is pushing on all fronts to close the gap on Ethereum in the aforementioned sector of the digital asset sphere. Without a doubt, Solana is doing well in this regard, and Raoul Pal’s recent comment is another positive indicator. The gap between the two in the DeFi and NFT sphere is also evident in the price of SOL and ETH. The focus will be on SOL after the expert’s recent comment to see how well it would fulfill the prediction.