The crypto market looks excellent today, and the digital assets are going straight to the moon. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $67,937.
It’s been just revealed that the macro guru Raoul Pal says smart contract platform Solana (SOL) and stablecoin-focused blockchain payment system Terra (LUNA) could be following the same parabolic price trajectory of Ethereum in 2016.
During a new interview on Real Vision, Pal says that due to the cyclical nature of network effects, Ethereum is currently mirroring Bitcoin’s 2017 bull cycle.
“…Once I start discovering Metcalfe’s law, I start realizing that Ethereum is exactly following Bitcoin’s last cycle. And it’s like, oh, my God, this is spooky. I mean, I’ve got actually on my Bloomberg in real time, and it almost works, tick for tick. I’ve never seen anything like it. And that gives a cycle projection for Ethereum of $20,000. And again, I actually think it’s going to overshoot.”
SOL and LUNA are following ETH’s bull cycle
He also said that both SOL and LUNA are following Ethereum’s first bull cycle.
“But I thought, well, if my logic about Metcalfe’s Law is right, then these layer-1s that we’ll talk about later should also fit. And bizarrely, here’s the chart of Solana against Ethereum in the last cycle, when Ethereum was the darling, the new breakthrough. It’s exactly following. And the same is true of Terra. It’s exactly following.”
It’s been just revealed that a popular trader and crypto analyst is calling Ethereum an ‘absolute beast’ as he predicts the bull market for ETH could extend into 2022.
During a new strategy session, Benjamin Cowen said that Ethereum (ETH) has been in a strong uptrend since March of 2020.
Stay tuned for more news, and make sure to keep your eyes peeled on the crypto market.