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

ETHEREUM or Solana?
— Scottie Pippen (@ScottiePippen)
July 20, 2024

The question garnered over 4,000 responses by Sunday afternoon. Many commentators advised Pippen to consider neither Ethereum nor Solana, suggesting alternatives like Bitcoin (BTC) and Cardano (ADA).

#bitcoin only Scottie!
— D.R. Lewis ⚡ (@Charge_Stack)
July 21, 2024

This renewed interest in cryptocurrency follows Pippen’s earlier launch of his NFT collection, the Scottie Pippen SP33 NFT, which currently has a floor price of $42.13. The collection includes 1,000 minted NFTs, owned by 491 unique holders, with a total market cap of $42,130.

Pippen’s enthusiasm for cryptocurrency aligns with the significant growth and adoption within the industry. As blockchain technology continues to gain traction among individuals and businesses, more celebrities and athletes are likely to become involved.

While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement is expected to generate further interest within the crypto community.

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 forming an ascending triangle pattern, often signaling a potential breakout. The Relative Strength Index (RSI) shows balanced market sentiment, indicating the asset is neither overbought nor oversold.

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 strong market recovery and resilience. At present, SOL closely follows 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, with a market capitalization of $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 various companies 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.

Stay updated with the latest cryptocurrency news and trends at Global Crypto News.

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