NBA star Scottie Pippen sparks debate

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

The question had garnered more than 4,000 responses as of Sunday afternoon, with many commenters saying Pippen should choose neither Ethereum (ETH) nor Solana (GROUND), and suggested Bitcoin (Bitcoin) and Cardan (ADA) instead.

The renewed interest follows Pippen’s earlier launch of his NFT collection, the Scottie Pippen SP33 NFTwhose current floor price is $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 get involved.

While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement should generate 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% over the daily time frame.

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

Resistance currently stands 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 the movements of Bitcoin, consolidating its position among the leading cryptocurrencies.

Known for its high throughput and low transaction fees, Solana uses a unique Proof of History (PoH) consensus mechanism, allowing it to process up to 65,000 transactions per second.

Currently, Solana’s price is around $176 and its market cap is $81 billion. The price recently reclaimed its 200-day moving average, suggesting a potential long-term bullish trend.

Ethereum ETF Speculation Drives Price Gains

Ethereum has also seen price increases in recent weeks, fueled by ongoing discussions about 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 climbed by more than 42%, with an increase of more than 5% in July alone. In the last 14 days, the price has increased by more than 17%.

Ongoing discussions regarding Ethereum ETFs, with companies such as the filings by VanEck, Valkyrie and Grayscale with the U.S. Securities and Exchange Commission (SEC), have contributed significantly to this upward trend.

Although no ETF has yet been approved, the anticipation of institutional investment through these funds has boosted investor confidence and driven prices higher.

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

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