NBA star Scottie Pippen sparks debate

Seven-time NBA All-Star Scottie Pippen sparked a debate on social media on Saturday by asking his more than 658,000 followers to choose between ethereum and Solana.

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The question had inspired more than 4,000 responses as of Sunday afternoon. Many commentators said Pippen should not choose either ethereum (eth) or Solana (SOL), and suggested bitcoin (btc) and Cardano (ADA) instead.

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This renewed interest follows Pippen's previous release of his nft collection, Scottie Pippen. nft/scottie-pippen?utm_source=perplexity” target=”_blank” rel=””>SP33 nftwhose current minimum price is $42.13. The collection consists of 1,000 minted nfts, held by 491 unique owners, and has a total market capitalization of $42,130.

Pippen’s renewed enthusiasm for cryptocurrencies comes amid significant growth and adoption within the industry. As blockchain technology gains traction among individuals and businesses, more celebrities and athletes like Pippen are likely to get involved.

While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement is expected to spark even more interest and excitement within the crypto community in the months and years to come.

Solana: Bullish trends

Solana is up 20.8% over the past seven days and 3.6% on the daily time frame.

According to technical analysis, Solana is currently forming an ascending triangle pattern, which usually signals a potential breakout. The Relative Strength Index (RSI) shows that the asset is neither overbought nor oversold, indicating a balanced market sentiment.

Currently, resistance lies at $193.92, while support is around $141.68. By the end of 2024, SOL could range between $250 and $300, suggesting a strong recovery and market resilience.

Currently, SOL is closely following bitcoin's movements, consolidating 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, allowing it to process up to 65,000 transactions per second.

Solana is currently trading at around $176 and its market cap is $81 billion. The price has recently recovered to its 200-day moving average, suggesting a potential long-term uptrend.

ethereum ETF speculation fuels price gains

ethereum has also seen price gains in recent weeks, fueled by ongoing discussions regarding the approval of an ethereum ETF in the United States.

According to the latest update, the price of ethereum stands at $3,496.61. Since the beginning of 2024, ethereum has risen by more than 42%, with an increase of more than 5% in July alone. In the past 14 days, the price has increased by more than 17%.

Ongoing discussions about ethereum ETFs, with companies such as VanEck, Valkyrie and Grayscale filing applications with the US Securities and Exchange Commission (SEC), have contributed significantly to this upward trend.

Although no ETF has yet been approved, the expectation of institutional investment through these funds has reinforced investor confidence and pushed up the price.

Despite these recent gains, the ethereum price remains below its all-time high of $4,878.26 from November 2021. However, continued developments in the ethereum ecosystem and the possibility of ETF approval keep traders optimistic about the token’s long-term prospects.