Solana (SOL) currently reminds of Ethereum (ETH) 2018-2019 bear phase

On Aug 14, 2023

Raoul Pal shared his opinion on the Solana (Sol) crypto and noted that its pattern is following Ethereum-like behaviour.

Solana is a popular Proof-of-stake (PoS) blockchain network. Because of its unique protocol Proof-of-history (PoH), this network can process 65,000 transactions per second (TPS), which is the highest over other crypto networks. In 2021, the popularity of Solana was at its peak but started to see a downfall following some hidden bugs in the Solan blockchain code which caused the network to go offline multiple times.

Recently Real Vision founder & former Goldman Sachs executive Raoul Pal appeared in a new interview and throughout the interview, his discussion was focussed on the Solana crypto project.

Raoul said that the current situation of the Sol coin is just like Ethereum’s situation in 2018 & 2019, where the ETH coin was facing a huge downfall but later recovered dramatically & hit new all-time high values.

Further, the Real Vision founder appreciated the role of Solana co-founder Anatoly Yakovenko and said that he proved himself as a better leader just like Ethereum co-founder Vitalik Buterin in this space.

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Former Goldman Sachs executive said that he doesn’t mean that he is right but he means to say what he is thinking about Solana, as Sol coin is the second highest holding in his portfolio.

Solana & Alameda Research downfall

The crypto hedge firm Alameda Research was the top Investor in the Solana crypto project and reportedly this firm used the majority of the Sol coin holdings in Q4 to sustain the Alameda business empire financially.

The firm sold Sol coins in huge amounts and that act acted as a catalyst to bring big dumps in the Sol trade price.

Alameda Research was a sister firm of FTX exchange. In Nov 2022, the FTX exchange collapsed badly and a few days later FTX filed for bankruptcy in the US bankruptcy court along with Alameda Research & other 100+ subsidiaries.