Former Goldman Sachs executive Raoul Pal mentioned an Ethereum (ETH) competitor for sure. 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 draws attention to the well-known 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 while the Solana (SOL) Blockchain has faced technical difficulties recently, this has not prevented its development. Pal summed up his ideas by saying, “I love Solana.” Pal used the following terms:
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 chains other than Ethereum, the probability of Solana to participate well in the next cycle is very high for me. That’s why I love Solana, one for me.
Long-term bullish sentiment in cryptocurrencies
Pal says many 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 properly if the currency actually loses its value. According to the expert, the only segments that generally perform better in this case are crypto and technology shares. 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?
Koindeks.com As we have also reported, the Solana (SOL) network has suffered about seven outages since its creation. Many point to how much this has strained the network and investors. The founders of the network say that they are working on analyzes of this bet. 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 is a different team, it is stated that the probability of errors in their code is almost nil as Solana’s. Additionally, the SOL co-founder said that the latest network outages were “human-induced”. He noted that the validators made mistakes in recognizing the error-free 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.