Famous crypto analyst Cantering Clark has provided important insights in his latest evaluation of the markets. Following the recent drop in the price of Bitcoin, altcoins continue to remain in the red as the inability to reclaim $29,700 has affected the market. Amidst concerns of further tightening, investors are now focusing on upcoming data releases over the next 20 days.
Renowned crypto analyst Cantering Clark, who closely monitors the market, suggests that Solana reflects the price movement of ETH before a major upward trend. After losing its popularity following the FTX crash, the popular layer1 solution is now attempting to replace institutional investors with individual investor groups. Clark stated:
“I mentioned in a private group that Solana would be the best performing altcoin this year. It’s reasonable to think that a coin that has been in the spotlight recently will perform well. I shared this chart that shows the beginning of ETH and SOL, and I still believe SOL will follow a similar path.”
According to the analyst’s chart, the recent price movement of SOL Coin up to $27 resembles the period when ETH surged to $280 in 2020. ETH then experienced a parabolic rally that Clark believes SOL will likely reflect as well. As of the time of writing, Solana is trading at $25.23, with a 8.7% increase in the last 24 hours. However, ETH did not lose its major institutional investors due to the FTX bankruptcy, so the likelihood of SOL following the same path may not be as high as anticipated.
The analyst, who believes that the rise will continue for Bitcoin and ETH, states that most investors are already taking long positions and accumulating, contributing to the ongoing upward trend.
So, what are the expectations for the future? Clark suggests that the market value of stablecoins will start to increase either with the approval of the spot Bitcoin exchange-traded fund (ETF) or with the halving event expected in April of next year, where miners’ rewards will be halved.
“Cryptocurrencies have a money supply. We are not there yet, and we need a catalyst. The BlackRock ETF could be that catalyst. The halving event is in second place.”