Is Solana the Best Bet? Hedge Fund CEO Touts SOL as the ‘Fastest Horse in Crypto’
The price of Solana has risen by 0.5% in the past 24 hours, moving to $142.59 after Asymmetric founder Joe McCann described the alt as the “fastest horse in crypto.”
Speaking to Anthony Scaramucci for Wealthion’s Speak Up podcast, McCann argued that “Solana has flipped every metric associated with Ethereum” and that it’s “so cheap and fast [it] will enable use cases that are literally impossible on Ethereum in its current state.”
Such bullish comments come as Solana remains down by 3% in a week, although the alt is up by 16% in a fortnight and by an impressive 550% in the last 12 months.
And with big guns such as McCann backing SOL to do well, it would be unwise to bet against the token right now.
McCann has been championing Solana for quite some time, with Asymmetric actually receiving financial backing from the blockchain’s founder Anatoly Yakovenko as part of a $1 billion raise in 2022.
I recently caught up with @Scaramucci to discuss all things macro, #Bitcoin, Solana and the upcoming election.
Plus a few things that may surprise you…https://t.co/I8pNpJ3TcD
Interestingly, McCann told Scaramucci that Solana is doing more things than Ethereum at only “20% of the value,” with the hedge fund CEO concluding that “if Ethereum is going, you know, two and a half [or] 3x from here, Solana’s got to be four or 5x as well.”
This would imply that SOL is targeting a price somewhere in the region of $560 and $710, with McCann not giving a particular timeframe.
Looking at SOL’s chart today, we are probably at least a year away from such a range, although the coin may not be far from a rebound.
For instance, its relative strength index (purple) has fallen to 40 this morning, and may have already bottomed.
Probably the most bullish feature of
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