US-based crypto exchange Kraken is analyzing the short-term potential of smart contract platforms Ethereum and Solana. Kraken’s October market summary states that the popular altcoin Solana (SOL) has received a fresh wave of support from institutional investors. Details cryptocoin.com‘in.
Altcoin analysis
In the report of crypto exchange Kraken: “After breaking into the top five crypto assets by market cap, SOL has continued to attract more and more attention from new and existing market participants, especially institutions. It can be said that SOL has climbed into the new year in a meaningful way, as SOL seems to remain in what can be considered the third wave of ‘price discovery’. Analysts on the stock market say Solana appears to be in a good position to reach the top of the 18-month rising wedge pattern: “Testing this resistance could mean that SOL will climb as high as $400-$500 by the first quarter of 2022 and as early as next month.”
According to the report, Ethereum has successfully climbed above the fifth band of the logarithmic regression rainbow. If the momentum continues, the next short-term target is $6,500. Kraken notes that Ethereum’s current dominance at the overall crypto market cap of over 19% is relatively low compared to the last time ETH hit an all-time high in May. According to the exchange, this means that the second-largest cryptocurrency could underperform its smart contract rivals: “…ETH’s dominance remains well below the 20.1% rate it saw in May, when the crypto-asset hit an all-time high of $4,380. ” According to CoinGecko, Solana is currently changing hands at $245.90, while ETH is trading at $4,745.
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