Former Goldman Sachs executive Raoul Pal mentioned a specific Ethereum (ETH) competitor. He said that this altcoin project will eclipse the rest of the crypto markets in the next bull cycle. Here are the details…
Raoul Pal points out popular altcoin Solana
In a new question and answer (AMA) session, the Real Vision founder commented on the cryptocurrency market. He specifically pointed to Solana’s high on-chain activity and network growth. He said that although the Solana (SOL) Blockchain has encountered technical problems recently, this has not prevented it from developing. Pal summed up his thoughts by saying, “I love Solana.” Pal used the following statements:
I love Solana. Yes, I know you continue to experience outages. Yeah, I know everybody knows that too. It’s not new information. Therefore, it could become one of the biggest crypto protocols if it survives outages. If it has more activity than any other non-Ethereum chain, the chances of Solana going well into the next cycle are very high for me. That’s why I love Solana, one for me.
Long-term bullish sentiment in cryptocurrencies
Pal says most asset classes are driven by the growth of central banks’ balance sheets. He says that when the central bank’s balance sheets expand, they tend to lower their fiat currencies. The economist points out that cryptocurrencies perform well if the currency actually loses value. According to the expert, the only sectors that generally perform better in this situation are crypto and technology stocks. On the crypto axis, it specifically highlights Bitcoin and Ethereum. This is why Pal is in a long-term bullish trend in cryptocurrencies.
How will the problems in the Solana network end?
As cryptokoin.com reported, the Solana (SOL) network has suffered about seven outages since its inception. Many point to how much this has strained the network and investors. The founders of the network say that they are working on solutions to this issue. Solana’s co-founder, Anatoly Yakovenko, announced his plans in a podcast he attended. He believes a “long-term fix” for network outages may be on the way.
Yakovenko believes Firedancer will prove to be the solution to the problem. Firedancer is a new authenticator client built by Web3 firm Jump Crypto and the Solana Foundation. Since Firedancer has a separate team, it is stated that the probability of having the same errors as Solana’s in their code is almost zero. Also, the SOL co-founder said that the latest network outages were “caused by humans”. He noted that validators made a mistake in recognizing the correct fork. At the time of writing, SOL is changing hands at $33.09, up 0.8 percent. It has risen 2% in the last 7 days.
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