Former Goldman Sachs executive Raoul Pal says one of Ethereum’s (ETH) top rivals offers a big opportunity to investors after a price fall.
Pal says that despite some blockchain outages and the impacts of the FTX crypto exchange collapse, Solana appears strong due to its use case potential for brands and consumers.
“I really like Solana and I understand that the chain breaks. I also understand that they are fixing it. I also understand that’s a no-no. And one of the elements was, it was concentrated in its ownership because of FTX. They are now able to liquidate it and so you’re getting rid of one of the issues.
Solana itself, I think it’s doing something very clever. In cryptocurrencies, what matters is narrative. Bitcoin narrative, digital gold for example. Ethereum, the distributed Internet for Web3. So where do these other chains fit in? Well, Solana has and is building a narrative, which is that it is the consumer chain. And yes, there are some others doing that. FLOW, I think is another example, much smaller.
But the consumer Internet, these are the people who’ve done the deal with META, doing deals with Google. They’ve got stores. They’ve got clothing lines. They have a consumer feel to them. And I believe consumer adoption, not at owning cryptocurrencies, but the use of NFTs [non-fungible tokens] and other digital assets is only going to explode over the next few years. We’ve just seen Nike building out more. We’ve seen Adidas. We’ve seen the fashion brands. We’ve seen Ticketmaster.”
Pal says that Solana is currently showing activity like Ethereum and in 2018 when the smart contract platform dropped by more than 90% in price. Solana was trading at a high this month of $38.74 but plummeted to a low of $12.21 after the FTX collapse. As of writing, Solana is trading hands at $14.26.
“Solana reminds me of Ethereum back in 2018 when it was down 97% and nobody cared. And that was a great bloody opportunity.”
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