Seven-time NBA All-Star Scottie Pippen ignited a debate on social media Saturday by asking his more than 658,000 followers to choose between Ethereum and Solana.
ETHEREUM or Solana?
— Scottie Pippen (@ScottiePippen) July 20, 2024
The question inspired more than 4,000 responses as of Sunday afternoon. Many commentators said Pippen should choose neither Ethereum (ETH) nor Solana (SOL), and suggested Bitcoin (BTC) and Cardano (ADA) instead.
This renewed interest follows Pippen’s earlier launch of his NFT collection, the Scottie Pippen SP33 NFT, which has a current floor price of $42.13. The collection consists of 1,000 minted NFTs, held by 491 unique owners, and has a total market cap of $42,130.
Pippen’s renewed enthusiasm for cryptocurrency comes amid significant growth and adoption within the industry. As blockchain technology gains traction among individuals and businesses, more celebrities and athletes like Pippen will likely become involved.
While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement is expected to further stir interest and excitement within the crypto community in the coming months and years.
Solana: Bullish trends
Solana has surged by 20.8% in the past seven days and 3.6% in the daily timeframe.
According to technical analysis, Solana is currently forming an ascending triangle pattern, which often signals a potential breakout. The Relative Strength Index (RSI) shows that the asset is neither overbought nor oversold, indicating balanced market sentiment.
Resistance is currently at $193.92, while support is around $141.68. By the end of 2024, SOL could range between $250 and $300, suggesting a strong market recovery and resilience.
At present, SOL is closely following Bitcoin’s movements, solidifying its position among the top cryptocurrencies.
Known for its high throughput and low transaction fees, Solana employs a unique Proof-of-History (PoH) consensus mechanism, enabling it to process up to 65,000 transactions per second.
Currently, Solana’s price is around $176, and its market capitalization is $81 billion. The price has recently recovered to its 200-day moving average, suggesting a potential long-term uptrend.
Ethereum ETF speculation propels price gains
Ethereum has also experienced price gains in recent weeks, driven by ongoing discussions about the approval of an Ethereum ETF in the United States.
As of the latest update, Ethereum’s price stands at $3,496.61. Since the start of 2024, Ethereum has climbed by over 42%, with a rise of more than 5% in July alone. Over the past 14 days, the price has increased by more than 17%.
The ongoing discussions regarding Ethereum ETFs, with companies like VanEck, Valkyrie, and Grayscale filing applications with the U.S. Securities and Exchange Commission (SEC), have significantly contributed to this upward trend.
Although no ETF has been approved yet, the anticipation of institutional investment through these funds has bolstered investor confidence and driven up the price.
Despite these recent gains, Ethereum’s price remains below its all-time high of $4,878.26 from November 2021. However, the continued developments in the Ethereum ecosystem and the potential for ETF approval keep traders optimistic about the token’s long-term prospects.