Kraken Details Massive Short-Term Price Target for Solana, Analyzes Ethereum’s Dominance of Crypto Market
The US-based crypto exchange Kraken is analyzing the short-term potential of smart contract platforms Ethereum and Solana.
Kraken’s October market recap notes that Solana (SOL) is riding a fresh wave of support from institutional investors.
“After climbing into the top five crypto assets by market cap, SOL has continued to attract increasingly greater attention from new and existing market participants – especially institutions.
With SOL appearing to remain in what could be deemed its third wave of ‘price discovery,’ the case could be made that SOL climbs meaningfully higher into the near year.”
Analysts at the exchange say Solana looks well-positioned to reach the top of an 18-month ascending wedge pattern.
“A test of this resistance would imply that SOL climbs as high as $400 – 500 as early as next month and as late as Q1 2022.”
According to the report, Ethereum has successfully shot above the fifth band of its logarithmic regression rainbow.
If its momentum continues, the next short-term target is $6,500.
Kraken notes that Ethereum’s current dominance of the overall crypto market cap at over 19% is relatively low compared to the last time ETH reached an all-time high back in May.
This, according to the exchange, implies that the second-largest cryptocurrency may underperform its smart contract rivals.
“…ETH’s dominance remains notably below the 20.1% reading it hit in May when the crypto asset scored an all-time high of $4,380.
This tells us that despite ETH’s rally to a new all-time high, ETH commands a smaller market share than last time around and may have relatively weaker momentum compared to its peers.”
Solana is currently exchanging hands at $245.90 as of writing, while ETH is trading for $4,745 according to CoinGecko.
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Author: Daily Hodl Staff
