Bullish Sentiment Revived: Ether Bucks Trend with 8.9% Leap, Outshining Solana’s Recent Performance
Summary:
Ether (ETH) sees an unexpected 8.9% price surge in 24 hours after being outperformed by Solana (SOL) for the past three months. This has resulted in a revival of bullish sentiment for Ethereum. Key influencers in crypto investment sector see this as the beginning of ETH’s comeback. They base their predictions on the recent rally of several altcoins and Michael Saylor's purchase of Bitcoin. Despite Solana's impressive performance, Ethereum backers highlighted their platform's advantages for larger entities conducting on-chain business. Currently, ETH is trading at $2,417, marking an 8.9% rise in the past day, while Solana trades at $104, down by 4.2%.
Ether (ETH), which had been seriously lagging behind Solana (SOL) in the last quarter, saw a sudden 8.9% leap in price within the past day. This has revitalized an air of optimism for Ethereum. Selini Capital's Chief Investment Officer, Jordi Alexander, commented on a platform formerly known as Twitter, on December 27, "Ether's retaliation begins now." Alexander confidently predicts that with all elements aligned, Ether's rally will presumably persist for several weeks. He highlights the recent success of several altcoins and bitcoin worth $615 million purchased by Michael Saylor on December 26 as sound reasons for anticipating ETH's upward trend in the coming weeks. He further emphasized the striking risk/reward balance of Ether saying liquidity black hole is potentially forming in January.
Pseudonymous trader Pentoshi further solidified the bullish outlook for Ether by sharing somewhat enigmatic chart on the same platform with a possible price target of around $3,485. "Slowly, then all at once" were his brief remarks. Over the recent weeks, tensions have flared among Solana and Ethereum communities. Despite Ether's 102% increase year-to-date, it has been significantly overshadowed by Solana's remarkable 951% surge since the year's start, as per TradingView's statistics. This exceptional price performance, bolstered by a surge of relative on-chain activity, has led many to argue that lower fees and quicker settlement times make Solana a superior blockchain compared to Ethereum. However, Ethereum supporters stress that Ethereum’s architecture makes it more accommodative for bigger entities doing on-chain business and cite layer-2 scaling solutions like Optimism and Arbitrum as examples of ETH's more affordable fees.
At the moment of reporting, ETH is trading at $2,417 which is an 8.9% increase in the past 24 hours, while Solana's recent hot streak has paused, and it's currently trading at $104, signifying a 4.2% drop in the past day.
Published At
12/28/2023 8:25:19 AM
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