A popular crypto analyst updates his take on two of the top smart contract-enabled blockchain platforms.
Starting with Ethereum (ETH), the pseudonymous analyst Pentoshi tells are 694,700 Twitter followers that the share of the second largest crypto asset by market cap being staked now exceeds the amount on exchanges.
According to Pentoshi, the price of Ethereum is likely to rise once the number of sellers decreases.
“More ETH has now been staked than is available on centralized exchanges.
“But why hasn’t the price gone up?”
There comes a time when all the people who wanted to sell are sold and the balance slowly shifts, then all of a sudden.”
The top analyst say that other factors that will serve as a basis for Ethereum to rally include that it now has a burning mechanism that makes it deflationary at times.
“While we are probably still far from the real bull run. We have never seen ETH with its new pumpamentals in that kind of environment. I think the first time we’ll really see it is after Bitcoin’s halving. Every trading chain will use it. Deflationary with stock sink by expanding. I will always keep that in mind as I trade this year.”
As for Solana (SOL), Pentoshi say that the 10th largest crypto asset by market capitalization is likely to trade lower between July and September.
“I do think you can buy SOL cheaper than the current price in the third quarter.
But it’s amazing how many people write it off.”
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