According to a widely-respected crypto analyst, the smart contract platform Solana is expected to perform better than Bitcoin (BTC) over the next few months.
Credible Crypto, a pseudonymous cryptocurrency trader on social media platform X told his 408.400 followers that Solana was “looking quite strong” when paired with Bitcoin.
According to the trader Solana is expected to record a local high once it surpasses the “clusters of resistance” located below the price of 0.0031 BTC.
At the time of this writing, Solana was trading at 0.0026791 BTC (153 dollars).
Credible, however warns the Solana/Bitcoin pairing could drop by as much as 95% of its current value.
The trader believes that Solana will outperform Bitcoin in the short-term, but he also notes that Curve DAO’s utility token (CRV), which is part of Decentralized Finance (DeFi), could provide higher returns over time than SOL.
You think SOL is going to go up to $1,000? Congratulations, even if that happens. That’s 7x. The CRV is a 30x when you are at the previous all-time highest, and above this, it’s a 40x or 50x. Do you want to get the 7x potential or 50x potential? Only patience makes a difference. .”
Credible Crypto’s bullish thesis for CRV is based on his belief that supply will continue to decline over the coming year.
The CRV is now deflationary. In the 12 months from August 2024 until August 2025, there will be approximately 137 millions CRVs added to the circulating supply through protocol emissions.
“Over the past two months, approximately 154,000,000 CRV have been burned (effectively locked)- this is more than all the emissions released in the coming 12 months.”
At the time of this writing, CRV was valued at $0.233. This represents a 1.7% rise on that day.
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The post This Post Analyst Says Solana is Looking “Pretty Solid” Against Bitcoin BTC – His Outlook could be updated as new information becomes available.
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