Over the past few days, Solana has experienced a wave of bullish events. This has sent the SOL price surging, up 7% in 24 hours, correcting a previous downturn.
Former Goldman Sachs CEO and current Real Vision CEO Raoul Pal predicts Solana will outperform Ethereum in the next market cycle.
In a new blog post, Pal said he is keeping a watchful eye on the SOL/ETH pair. The reason behind the prediction is that SOL has broken out of a descending channel, up 150% against ETH in the year-to-date.
The post was published two days ago, causing an enigmatic buzz to build surrounding Solana. According to LunarCrush, Solana’s social mentions are up 660% in the past week.
However, the Real Vision exec’s forecast is not the only factor powering SOL’s latest leg up.
Earlier this week, Solana’s Network Performance Report announced significant improvements in the blockchain’s performance. According to the report, Solana has experienced 100% uptime since 25 February and 100% uptime in all months in 2023 bar February.
Furthermore, the report boasts improved block times, higher throughput, and an increased ratio of voting to non-voting transactions.
Overall, the Solana chain has seen significant technical improvements in recent months, and its price is still far below its 2021 all-time high (ATH).
Currently, Solana is priced at $24.69, which is 90% lower than its 6 November 2021 high of $260.06.
In comparison, Ethereum is currently priced at $1,859, just 61% lower than its ATH.
Looking at the Solana price chart, SOL has just retested the 200-day exponential moving average and is currently showing strong bullish momentum to push off it.
If it holds above, this will be the first time Solana holds above the 200-day EMA since January 2022.
Stake-to-Earn Bitcoin Alternative BTC20 Token Also Bullish as it Passes $3 Million in Presale
Solana isn’t the only token showing bullish momentum – another coin that’s turning heads is the Bitcoin-inspired BTC20 token.
BTC20 is a newly launched stake-to-earn Bitcoin alternative which has just hit $3 million in its presale, despite launching only two weeks ago. The project is an ERC-20 version of Bitcoin, enabling investors to buy “a more versatile Bitcoin” for its symbolic 2011 price of just $1.
Since launching less than ten days ago, BTC20 has stirred up massive excitement in the community. A popular YouTuber with over 300K subs, Michael Wrubel, recently said BTC20 is making the “future Bitcoin millionaires”.
This is for a good reason, BTC20 builds where Bitcoin left off. It implements sustainability, accessibility and versatility to modernise Bitcoin’s arguably outdated tech.
However, with a capped supply of 21 million tokens, BTC20 utilises a similar scarcity model to Bitcoin. A maximum of 6.05 million tokens will be available in the presale, all priced at $1, and the rest are allocated to staking rewards. In true Bitcoin fashion, this makes BTC20 100% community-owned and decentralised.
Adding to the project’s scarcity. staking rewards will be released over a 120-year unlock schedule.
Since BTC20 will be earned through staking rather than Bitcoin’s mining, it is far easier and more accessible to earn BTC20 rewards, all while faring more eco-friendly.
Furthermore, since BTC20 is an Ethereum-based project, it is interoperable with other Ethereum dApps, and users can buy and manage BTC20 from their Ethereum wallet, such as Metamask.
All this makes BTC20 one of the hottest tokens to watch right now.