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According to a high-profile pseudonymous crypto trader, one new smart contract platform may be a more appealing long-term investment than Ethereum, the leading blockchain network.
In the midst of the crypto market meltdown, the analyst and trader renowned in the industry as The Crypto Dog is highlighting scalable layer 1 blockchain project Solana (SOL).
The Crypto Dog believes that both Bitcoin and Solana have advantages over Ethereum as long-term investments. BTC, notes the trader, is a safer bet than ETH, and SOL has more upside potential.
“BTC is a safer, more boring long-term bet than ETH. Flippening, unlikely in my opinion and if it does happen, I’ll be here long ETHUSDTPERP (perpetual contract). Happy either way.
SOL is higher upside, more exciting long term bet than ETH. It’s the layer one with the best shot at number two.”
Additionally, the analyst bets that Solana will be one of the first assets to reach new all-time highs, as crypto traders and investors patiently wait for the market to recover.
“SOL will be one of the first to make new highs.”
At time of writing, Solana is trading at $35.85, down approximately 38% off its high of $58.03 in May, according to CoinGecko.
In terms of Bitcoin, The Crypto Dog anticipates a significant rally for the leading cryptocurrency by market capitalisation. The trader observes that BTC looks to be strong on the daily period and that he entered a leveraged trade at $33,000.
“BTC 1D (daily timeframe) appears to be fantastic to me. I’m in the best position I’ve been in in years, and I’m also leveraged from $33,000.
I think this is the most long Bitcoin notional I’ve ever been.”