A closely followed crypto analyst and trader believe that one red-hot Solana (SOL)-based memecoin may have even more upside potential after putting up huge gains in the last week.

Pseudonymous analyst Altcoin Sherpa tells his 225,300 followers on the social media platform X that the market cap of Goatseus Maximus (GOAT) could soar more than 130% from its current value.

“GOAT: $500 million [market cap] next in my opinion. Still holding a big bag of this and will consider taking a bit of profit there.”

GOAT is trading for $0.2176 at time of writing, up more than 400% from its low of $0.0435 reached on October 13th. With a current market cap of $216,865,708, GOAT is the 276th largest crypto project.

Next up, the analyst is expressing longterm bullish sentiment on layer-1 blockchain Fantom (FTM). However, he warns FTM may decline below $0.71 in the near term.

“FTM looks decent to me still and I’m still holding a bag. Hoping it doesn’t go back within that trading range, but it’s looking somewhat likely at this point. More of a buy and hold bag for me.”

FTM is trading for $0.74 at time of writing, down 1% in the last 24 hours.

Lastly, the analyst says Ethena (ENA), a synthetic dollar protocol on Ethereum (ETH), could surge after bouncing off of a Fibonacci retracement level at $0.38.

“Currently long ENA at the .382 fib plus support/resistance level. Targeting low $0.40s.”

ENA is trading for $0.39 at time of writing, down more than 1.9% in the last 24 hours.

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Ethereum, the second-biggest cryptocurrency, has lagged behind Bitcoin this year amid slow growth of its exchange-traded funds and competition from other layer-1 and layer-2 blockchains.

Ethereum (ETH) has rallied by less than 20% in 2024, while Bitcoin (BTC) has risen by over 50%. 

Technicals point to more Ether weakness in the coming months. On the weekly chart, the coin formed a double-top chart pattern around $4,000. It dropped below the neckline of this pattern at $2,824 in July, confirming the bearish breakout.

Ethereum has also formed a death cross pattern as the 200-day and 50-day Hull Moving Averages made a bearish crossover. The HMA reduces lag by using weighted moving averages to smooth out price data.

The last time Ethereum formed a death cross on the weekly chart was in March 2022, and the coin dropped by over 70% after that.

Ether has also formed a bearish pennant chart pattern, which is characterized by a long vertical line followed by a symmetrical triangle. Typically, an asset experiences a bearish breakout when the two lines of the triangle converge.

Additionally, this consolidation is happening at the 50% Fibonacci Retracement level. Therefore, there are increasing chances that the coin will have a strong bearish breakout in the near term, with the next target to watch being $2,111, its lowest point on Aug. 5.

Ethereum’s weak fundamentals

In addition to weak technicals, Ethereum is also battling significant fundamental challenges. First, Ether ETFs have not seen strong inflows a few months after launch.

According to SoSoValue, these funds have had cumulative outflows of over $530 million, primarily due to the Grayscale Ethereum Fund. In contrast, Bitcoin ETFs have crossed the $20 billion inflow level, pointing to higher demand from institutional investors.

Ethereum is also seeing intense competition in areas it used to dominate like DeFi and NFTs. Data by DeFi Llama shows that Solana has crossed Ethereum in terms of DEX volume in the last seven days. It handled $10.87 billion compared to Ethereum’s $9.69 billion. 

If the trend continues, Solana may surpass Ethereum this month. Solana has handled $23.9 billion so far, compared to Ethereum’s $24 billion.

This performance is largely driven by the popularity of Solana (SOL) meme coins like Dogwifhat, Bonk, and Popcat have become popular among traders. All Solana meme coins have gained over $10 billion in market cap.

Additionally, some high-profile Ethereum whales, including Vitalik Buterin and the Ethereum Foundation, have sold thousands of coins recently.