In the cryptocurrency markets, a well-known analyst has declared that Solana (SOL), a competitor to Ethereum (ETH) which has seen a 600% increase to date, is preparing to rise.
The host of the YouTube channel InvestAnswers stated that despite the significant gains made by the smart contract platform Solana this year, there is still a long way to go.
The analyst expressed his expectations for SOL’s rise by monitoring its dominance in the total cryptocurrency market value.
According to the host’s comments, SOL’s dominance is expected to reach 3% in the next market expansion, indicating that SOL has more growth potential.
The analyst calculated that if the total cryptocurrency market value reaches 5 trillion dollars and SOL achieves a 3% dominance, SOL’s price would need to hit 363 dollars.