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Ethereum Merge Impact: What’s Next for SOL, ETC, and ADA?

Explore the potential implications of Ethereum's Merge on competitors like Solana (SOL), Ethereum Classic (ETC), and Cardano (ADA).
Published on 2022-09-16

Ethereum Merge Impact: What’s Next for SOL, ETC, and ADA?

The Ethereum network has successfully transitioned to a proof-of-stake consensus mechanism with its highly anticipated Merge. This significant upgrade has reduced ETH’s electricity usage by 99.95%, potentially overshadowing eco-friendly alternatives like Solana (SOL) and Polygon (MATIC). Investors are now assessing the future of Ethereum’s competitors, including SOL, ETC, and ADA.

Solana (SOL): Will Sustainability Keep It Competitive?

Solana (SOL) has been recovering since hitting its June 13 low, trading within a wedge pattern. Although SOL recently faced resistance at $39.35, it may enter a bullish run if it re-enters this zone. However, with Ethereum’s reduced energy consumption, sustainable solutions like SOL and MATIC might lose their competitive edge. This could impact SOL’s price trajectory.

Cardano (ADA): Navigating Market Expectations

Cardano (ADA) reached an all-time high of $3.09 in August 2021 but is now believed to be in wave four of its market cycle. If this analysis holds, ADA could drop to its immediate support levels of $0.32 or $0.22. A move below $0.95 may determine its short-term fate, leaving investors cautious about its future performance.

Ethereum Classic (ETC): Miners’ Migration Sparks Volatility

Ethereum Classic (ETC) faces uncertainty as miners transition from Ethereum to ETC following the Merge. ETC’s hash rate has surged over 200% since September 13, likely due to this migration. While this influx of mining activity could boost ETC’s price, it remains unclear whether the crypto will break above $45.71 or fall below $30.34. Investors are bracing for potential volatility.

Conclusion: A New Era for Ethereum Competitors

The Ethereum Merge has ushered in a new era for the blockchain landscape, leaving competitors like SOL, ETC, and ADA at a crossroads. While Solana and Cardano face challenges related to market positioning and price corrections, Ethereum Classic’s future hinges on mining dynamics and market sentiment. Investors must stay vigilant and conduct thorough research amid this evolving crypto environment.

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