A widely followed crypto analyst says Ethena (ENA), a synthetic dollar protocol built on Ethereum (ETH), appears poised to continue its red-hot streak.
The pseudonymous analyst known as Altcoin Sherpa tells its 234,500 followers on the social media platform
“I think this is only going to go higher. My average is still pretty high, like $0.92 or something, but it still just outperforms most of the market [in my opinion]. Buy all the dips you can.
ENA, the 56th largest crypto asset by market cap, has risen more than 8x in the past three months and is trading at $1.18 at the time of writing. The price has also risen by more than 1% in the past day.
Altcoin Sherpa appears less optimistic about smart contract platform Solana (SOL) in the medium term, especially compared to other top crypto assets, noting that he believes it will outperform the two largest digital assets by market capitalization.
“I think SOL will underperform both ETH and Bitcoin in the coming months. I don’t know what will happen in the long run and I still believe this is the best casino in the world. But I also have to deal with it rationally.”
SOL is trading at $217.74 at the time of writing. The sixth-ranked crypto asset by market capitalization is down more than 1% in the past 24 hours.
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Generated image: Midjourney