A widely known cryptocurrency analyst says that smart contract platform Solana (SOL) is likely to outperform Bitcoin (BTC) in the short term.
In a new strategy session, anonymous cryptocurrency trader Credible Crypto told his 408,400 followers on social media platform X that Solana “looks pretty strong” compared to Bitcoin.
According to the trader, Solana will make a new local high if it breaks above the “resistance cluster” located below the 0.0031 BTC price.
As of this writing, Solana is trading at 0.0026791 BTC ($153).
However, Credible warned that Solana/Bitcoin could fall by as much as 95% from current levels.
“That being said, I think all the lows we’ve built up underneath (0.001359 BTC, 0.0018 BTC, 0.0019666 BTC, 0.00198 BTC) will eventually get wiped out, so don’t get too excited if we hit a high here.”
The trader says that while Solana could outperform Bitcoin in the short term, he points out that the utility token for decentralized finance (DeFi) protocol Curve DAO (CRV) could outperform SOL in the long term.
“Do you think SOL will go to $1000? Even if it does, congratulations, that’s 7x. CRV will be 30x from its previous high, and 40x, 50x, etc. from there. Do you want a potential 7x or a potential 50x? The only difference is patience.”
According to Credible Crypto, his bullish thesis for CRV rests on the premise that the supply of DeFi altcoins is decreasing and will continue to decrease in the coming year.
“CRV has transitioned from ‘hyperinflation’ to deflation. Over the next 12 months (August 2024 – August 2025), approximately 137 million CRV will be added to the circulating supply through protocol emissions.
“In the past two months, approximately 154 million CRVs have been locked (effectively incinerated). That’s more than the total emissions expected to be emitted in the next 12 months.”
At the time of writing, CRV is worth $0.233, up 1.7% on the day.
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