Arthur
Hayes,
co-founder
of
crypto
exchange
BitMEX,
has

predicted
that
the
blockchain
Aptos
(APT)
is
poised
to
surpass
Solana
(SOL)
in
prominence
and
utility
in
the
race
for
the
second
largest
Layer
1
(L1)
blockchain
behind
Ethereum
within
the
next
two
to
three
years.
Hayes
conveyed
his
thoughts
during
a
detailed
interview
with
macro
analyst
Raoul
Pal.

Aptos
Could
Overtake
Solana

Hayes
indicated
that
the
potential
for
Aptos
to
outperform
Solana
and
ascend
as
the
second-ranking
L1
protocol
after
Ethereum
is
significant,
but
did
not
delve
into
the
specific
catalysts
behind
his
assertion
during
the
conversation.
He
promised
a
more
detailed
exposition
of
his
views
in
September.

 

The
emergence
of
Solana
in
March
2020
marked
a
significant
milestone
in
the
blockchain
landscape.
Solana
was
heralded
as
a
solution
to
several
limitations
of
Ethereum,
particularly
concerning
scalability,
speed,
and
cost-efficiency.
These
attributes
were
crucial
as
the
Ethereum
network
grappled
with
severe
congestion
issues
during
the
DeFi
boom,
prompting
the
search
for
viable
alternatives.

Related
Reading

Solana’s
ascent
in
the
crypto
hierarchy
was
notably
accelerated
with
the
launch
of
the

memecoins
BONK
in
December
2022
and

dogwifhat
(WIF)
in
November
2023,
both
pivotal
moments
that
marked
the
first
major
departure
of
memecoin
activities
from
Ethereum’s
ecosystem.
Both
memecoins
not
only
boosted
Solana’s
visibility
but
also
attracted
an
array
of
memecoins
and
innovative
DeFi
platforms,
drawn
by
lower
transaction
costs.

However,
similar
to
Ethereum,
Solana
faced
its
own
challenges
at
the
beginning
of
the
year
with

network
congestion
as
its
popularity
surged,
demonstrating
the
persistent
scalability
issues
within
current
blockchain
infrastructures.

Aptos,
on
the
other
hand,
has
maintained
a
record
of
zero
downtime
since
its
inception,
positioning
it
as
a
robust
and
reliable
alternative
within
the
digital
currency
ecosystem.
Its
foundation
rests
on
the
novel
smart
contract
programming
language
“Move,”
developed
by
engineers
formerly
associated
with
Meta
Platforms
Inc.’s
Diem
project.

Related
Reading

Although
Diem
was
ultimately
shelved,
the
expertise
and
technological
advancements
have
been
redirected
into
Aptos,
emphasizing
its
suitability
for
commercial
use
and
potential
for
widespread
adoption.
However,
Aptos
has
not
yet
been
widely
adapted.
The
blockchain
currently
has
neither
a
popular
DeFi
ecosystem
nor
any
major
memecoins.

 

APT
Price
Analysis

This
is
reflected
in
Aptos’s
market
performance.
Currently,
Aptos
(APT)
has
retreated
63%
from
its
January
2023
high
of
$20.39,
trading
at
$7.50
after
experiencing
a
significant
downtrend
from
its
March
peak
of
$19.48.
The
decline
has
taken
APT
below
the
0.236
Fibonacci
retracement
at
$8.39.

The
cryptocurrency’s
trajectory
has
also
seen
it
falter
below
the
50-week
Exponential
Moving
Average
(EMA),
now
at
$9.25,
which
has
emerged
as
a
major
resistance
level.
APT
has
faced
multiple
rejections
at
this
threshold,
underscoring
its
importance
for
any
potential
reversal
to
bullish
momentum.
Moreover,
maintaining
a
position
above
the
year’s
lowest
price
of
$7.39
is
critical
to
stave
off
further
losses.

Featured
image
from
YouTube,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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