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Trader Predicts Parabolic Rallies for Ethereum Rival Solana

• A closely followed analyst is predicting that one Ethereum (ETH) rival, Solana (SOL), will repeat the competitor’s parabolic rally from the past crypto cycle.
• The analyst believes that Bitcoin (BTC) and ETH are in an uptrend with most investors taking long positions and accumulating.
• He also notes that a catalyst like BlackRock ETF or halving event could be needed for increasing the liquidity of stablecoins in the overall crypto markets.

Trader Predicts Parabolic Rallies for Ethereum Rival

A closely followed strategist, known as Cantering Clark or The Flow Horse, is predicting that one Ethereum (ETH) rival will repeat its parabolic rally from the last crypto cycle. The pseudonymous analyst tells his 179,700 Twitter followers that Solana (SOL) is mirroring ETH’s price action before a major rise to the upside.

Bitcoin and Ethereum Trending Upward

The trader also weighs in on Bitcoin (BTC) and ETH saying that both digital assets are experiencing an uptrend with most investors taking long positions and accumulating them. According to him, there are no outright shorts on either asset – only trades around core positions. BTC is trading at $29,459 at time of writing while ETH is worth $1,868.

Stablecoin Market Cap Declining

The Flow Horse has his eye on declining market cap of stablecoins which indicates a decrease in liquidity across the entire crypto space. He believes this trend will start to reverse when there’s either approval of a spot Bitcoin exchange-traded fund or when miners’ rewards get halved next April during the Halving event.

Catalysts Needed To Increase Stablecoin Liquidity

The trader believes catalysts such as BlackRock ETF or Halving would be needed for increasing capital flow into stablecoins and overall increase liquidity in cryptocurrency markets.

Conclusion

In conclusion, The Flow Horse predicts that one Ethereum rival – Solana – will follow suit of its predecessor’s parabolic rally from previous crypto cycles while he sees an uptrend for both Bitcoin and Ethereum with investors taking long positions on them respectively; however he points out that catalysts such as Blackrock ETF or Halving may be necessary for reversing current trend of decreasing stablecoin market capitalization due to lack of liquidity in cryptocurrency markets