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Simon Chandler
Author
Simon Chandler
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The price of Solana has risen by 0.5% in the past 24 hours, moving to $142.59 after Asymmetric founder Joe McCann described the alt as the “fastest horse in crypto.”
Speaking to Anthony Scaramucci for Wealthion’s Speak Up podcast, McCann argued that “Solana has flipped every metric associated with Ethereum” and that it’s “so cheap and fast [it] will enable use cases that are literally impossible on Ethereum in its current state.”
Such bullish comments come as Solana remains down by 3% in a week, although the alt is up by 16% in a fortnight and by an impressive 550% in the last 12 months.
And with big guns such as McCann backing SOL to do well, it would be unwise to bet against the token right now.
Is Solana the Best Bet? Hedge Fund CEO Touts SOL as the ‘Fastest Horse in Crypto’
McCann has been championing Solana for quite some time, with Asymmetric actually receiving financial backing from the blockchain’s founder Anatoly Yakovenko as part of a $1 billion raise in 2022.
Interestingly, McCann told Scaramucci that Solana is doing more things than Ethereum at only “20% of the value,” with the hedge fund CEO concluding that “if Ethereum is going, you know, two and a half [or] 3x from here, Solana’s got to be four or 5x as well.”
This would imply that SOL is targeting a price somewhere in the region of $560 and $710, with McCann not giving a particular timeframe.
Looking at SOL’s chart today, we are probably at least a year away from such a range, although the coin may not be far from a rebound.
For instance, its relative strength index (purple) has fallen to 40 this morning, and may have already bottomed.
Probably the most bullish feature of Solana’s chart is that its resistance (red) and support (green) levels are converging on each other, creating a pennant that can force a big move in either direction.
Given that Solana’s price undervalues the token, it’s likely that any move will be upwards.
As McCann points out, Solana is outstripping Ethereum in terms of daily transactions, with data from Dune showing that it currently processes around 19 million per day, compared to around 1 million for Ethereum.
This would certainly point to a much higher price for Solana in the future, although traders should note that Solana has a higher fail rate for transactions than Ethereum.
So taking a middle view, we could expect the Solana price to return to $200 by Q4 and then reach $250 by 2025.
High-Potential Alternatives
SOL is still probably one of the best ‘bets’ in the crypto market, but traders looking to widen their exposure to potential upside should also diversify into smaller tokens.
This is because small-cap coins can often rally exponentially, particularly if they gain new exchange listings.
One token with potentially lots of listings ahead of it is Crypto All-Stars (STARS), a new Ethereum-based token that has already raised more than $500,000 in its recently opened presale.
Crypto All-Stars is the market’s first token to offer a ‘MemeVault’, a platform in which you can stake absolutely any meme coins.
The token’s protocol employs the ERC-1155 multi-token standard, which enables tokenization of external coins.
Its staking mechanism invites investors to stake their meme coins and, by holding STARS, earn extra rewards.
The more STARS tokens a user holds, the greater rewards they’ll receive for staking other coins.
STARS will have a capped supply of 42.069 billion, with 20% going to its presale and 20% to staking.
Investors can join the STARS sale by going to the official Crypto All-Stars website, where they can buy it at a price of $0.0013911 per token.
This will rise in a day and continue to rise with each successive stage of the sale, so investors should definitely not sit on their thumbs if they want to buy this interesting new coin at the lowest possible price.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
