Solana (SOL) Could Reach $461 Price Target if Ethereum (ETH) Achieves Next Bull Cycle - InvestAnswers
Prominent crypto expert suggests Solana (SOL) might outperform expectations in the upcoming bull market.
 Price Target on the Table if Ethereum (ETH) Does This Next Bull Cycle.png)
In a recent strategy discussion, the lead analyst at InvestAnswers presented a compelling case for Solana (SOL). He believes that SOL has the potential to achieve 10% of Ethereum's (ETH) market cap in the forthcoming market surge.
Given Ethereum's projected peak of $8,000 in the next bullish phase, this would translate to a $231 price target for SOL, assuming it reaches 10% of ETH's market cap—a milestone it has previously achieved.
Yet, InvestAnswers doesn't rule out the possibility of SOL capturing 20% of Ethereum's market cap. The analyst elaborates, "If Solana attains 20% of ETH's market cap, its total valuation would be approximately $192 billion. Considering the current token prices and circulation, this would propel SOL's price to $461. This represents a staggering ROI of 2,038%, which is roughly 5% of the entire crypto market cap. It's a plausible scenario."
Highlighting historical data, the analyst added, "Interestingly, SOL has surpassed the 10% mark of Ethereum's market cap in the past. The SOL performance chart clearly indicates this. The yellow line represents 10% of ETH's market cap, and as seen in October 2021, the blue line, which denotes Solana's price, crossed this threshold.
At time of writing, SOL is trading for $21.99.
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Oct 15, 2023
