Economist Alex Kruger said that Solana imitated an altcoin model before the 2020 boom.
This altcoin is on the rise
Widely followed economist Alex Krüger says Solana (SOL) is probably positioned for a rally. Krüger tells his 150,500 Twitter followers that he is on the rise in Solana as Solana emulates the Yearn.Finance (YFI) model in 2020. SOL is trading at $9.84, up over 22% from the 2022 low of $8.03 recorded on December 30. Solana has managed to make a significant splash in the last few days. However, it remained more than 96% below the SOL’s all-time high reached in November 2021. Krüger says that while he expects SOL to recover in the coming weeks, he does not see Solana ignite big gains. The economist said:
“Open interest and financing are so tense, telling me to expect a somewhat average return. Not as severe as YFI. Alameda is no longer there to oppress people.”
Krüger also warns that Solana will never see its high of $260 again. Santiment has a less optimistic view of Solana’s future price action. cryptocoin.com As we noted, Solana has fallen 73% in the last eight weeks due to fear, uncertainty and doubt (FUD) from the FTX collapse. Santiment adds that a technical indicator shows interest in Solana is waning. The company made the following statement:
“Other glaring issues point to yearly lows of trading volume and this asset doesn’t seem to have many signs pointing to the ‘light at the end of the tunnel’. While nothing is guaranteed in crypto, odds are that SOL is currently a tough asset to have an argument to lean on.”
Economist says Solana beats Polygon
Recent developments have strengthened Solana (SOL), according to a December 29 tweet by economist Alex Kruger. Also, Solana doubled the market value of Polygon (MATIC). One reason for the increased interest in Polygon is said to be the emerging NFT market. According to data provided by Staking Rewards, the number of stakers in the Polygon network increased by 14.38%. Stackers continued to support the network, even as their revenues plummeted. At the time of writing, the number of stakers in the network was 23,168. Their revenue was $9.13 million.
While the number of shareholders in the Polygon network continues to increase, on-chain metrics have shown that overall activity in the network has declined. This is demonstrated by the declining number of transactions on the Polygon network over the past month. Combined with this, volume on the Polygon network has plummeted over the same period.
