A prominent analyst in the cryptocurrency market suggests that Solana, a major rival to Ethereum‘s smart contract platform, might soon see a surge in investor interest and network activity. The analyst speculates that Solana could potentially overtake Ethereum’s position in the sector.
Analyst Sets Growth Targets for Solana
The host of the InvestAnswers YouTube channel pointed out that Solana had previously reached 20% of Ethereum’s market value last December. However, in the following months, it has lagged behind Ethereum. The expert predicts a rise in Solana’s price to $171 if it achieves 20% of Ethereum’s current market value. He further outlines possible price targets for Solana at one-third, half, and 70% of Ethereum’s market value, which could lead to prices of $277, $421, and $585, respectively.
Current State of Solana’s Market Performance
At the moment, Solana is trading at $108.62, maintaining the same price level as at the beginning of the year. Despite its fifth-place ranking in market value, Solana has not seen the same gains as most other cryptocurrencies in 2024. The analyst emphasizes that as Ethereum’s value rises, Solana is positioned to increase in value as well, albeit with some delay. This indicates a potentially bright future for Solana.
The analyst’s perspective offers a positive outlook for Solana, as it could ascend in value alongside Ethereum. Furthermore, Bitcoin, the dominant cryptocurrency, is currently trading at $61,000, which is approximately $8,000 below its peak of $69,000, signifying a recent substantial uptick.
The optimism around Solana is grounded in expectations of its market value increasing in tandem with Ethereum’s, suggesting a promising trajectory for the cryptocurrency.