Crypto Analyst Forecasts 400% Surge for Ethereum Rival with 700% Year-to-Date Growth in Upcoming Bull Market

A renowned cryptocurrency expert predicts a significant upward trend for a key Ethereum (ETH) competitor, which has already witnessed an impressive 600% growth this year.

In a recent video, the host of InvestAnswers, followed by over 458,000 subscribers on YouTube, discusses the potential growth of Solana (SOL), a prominent smart contract platform. Despite its substantial gains this year, the analyst believes SOL has further growth potential.

Focusing on Solana's market dominance, which measures its share of the total cryptocurrency market capitalization, the analyst projects an increase in SOL's dominance to 3% during the next market expansion. This prediction suggests room for further growth in SOL's value.

The host highlights Solana's current dominance at nearly 2.2%, close to its all-time high of around 2.5%. He raises a key question: What would happen to Solana's price if the overall cryptocurrency market capitalization reaches $5 trillion?

Predicting a possible $5 trillion market cap for cryptocurrencies within 1 to 2 years, largely driven by Bitcoin, the analyst expects SOL's dominance to hit at least 3%. Under this scenario, the host calculates the potential price for Solana.

Considering a total crypto market cap of $5 trillion and SOL's dominance at 3%, the analyst estimates Solana's market cap would reach $150 billion. This is a significant increase from its current $31 billion market cap, implying a 4.84x growth. Based on these calculations, SOL's price could soar to approximately $363.

Currently trading at $69.31, Solana's potential rise to $363 would mark a 423% increase, underlining the substantial growth potential seen by the analyst for this Ethereum competitor.

I


Dec 18, 2023

2 0

Comments