The co-founders of leading crypto analytics firm Glassnode, Jan Happel and Yann Allemann, foresee Solana (SOL) outperforming Ethereum (ETH) by a staggering 500% in the next bull run.
The duo who operate under the X account “Negentropic” recently shared their optimistic outlook on Solana’s potential ascent. Notably, their perspective was inspired by a recent interview featuring macroeconomist Henrik Zeberg and Global Macroinvestor CEO Raoul Pal, where the discussion centered around the potential for a remarkable rally in the SOL/ETH chart.
Notably, the interview host asked Pal and Zeberg about their crypto preferences for a $10,000 investment over a 12-month period, specifically focusing on Ethereum and Solana in terms of risk-adjusted returns.
Pal and Zeberg, examining Solana’s recent performance trend, expressed strong confidence in its significant momentum. They anticipated Solana maintaining its upward trajectory, surpassing Ethereum, as indicated by the SOL/ETH chart.
That said, Glassnode’s co-founders delved into Pal and Zeberg’s analysis to answer the intriguing question of how much Solana could potentially outperform Ethereum. According to insights from Glassnode’s analytics, the current SOL/ETH ratio stands at around 0.14, and the co-founders anticipate a substantial increase in the ratio.
“We all watched Zebergand and Paul talking about SOL-ETH ratio. They both agreed it looks BULLISH. But – just how much could the ratio rally? This chart suggests, that the SOL/ETH ratio could rise to ~0.76 from current level of ~0.14. In other words, SOL may outperform ETH by 4-5X into the Crypto top.” Negentropic remarked.
Contrary to an isolated rally for SOL, the market experts also anticipated a significant bullish rally for Ethereum.
That said, following a remarkable surge last month that propelled it to reach an impressive $126, SOL has experienced a subsequent retracement attributed to profit-taking by investors and the broader market downturn, particularly influenced by Bitcoin’s performance after the spot BTF approval.
However, despite this setback, bullish sentiments surrounding Solana remain notably high. In a Friday tweet, analyst “Crypto Simon” noted that the SOL/USDT price chart is signalling a potential breakout from its descending channel, suggesting a shift towards an upward trend. He further highlighted a high probability of a bullish movement originating from the support level around $98, with SOL poised to target resistance levels near $128.
At press time of the latest update, Solana was trading at $89.31, reflecting a 6.36 % decline over the past 24 hours. Ethereum, on the other hand, was trading at $2,438 after experiencing a similar 3.8% decrease during the same timeframe. Despite this decline, Solana’s one-year trajectory remains notably robust at 340.43%, surging from around $20. In contrast, Ethereum’s one-year trajectory is comparatively lower at 60.72%, indicating growth from $1,500.