Solana, once dubbed the “Ethereum killer,” has made a remarkable comeback from its 2021 bull run, sparking discussions on whether it can match Ethereum’s impressive returns. Experts are now speculating if Solana can outperform Ethereum after its significant rise from a $9 low at the end of 2022 to early 2023.
Analyst Raoul Pal compared Solana’s current price action with Ethereum’s chart during the 2018 bull run, noting striking similarities. He suggests that if Solana follows a similar trajectory, it could potentially see a 50x increase from its lowest levels, just as Ethereum did post-2018.
While Ethereum offers endless possibilities for project creation, Solana attracts attention with its dedicated community and significantly lower gas fees compared to Ethereum. Marc Colcer, a crypto investor, highlighted the importance of a persevering community, using Solana’s as an example of success despite past market downturns.
Some skeptics point out the challenges for SOL to reach predicted levels due to inflation concerns. To attain its all-time high of $260, Solana would need a market cap of approximately $111 billion, far surpassing its $75 billion peak in 2021.
Despite a recent 6.6% drop in price to just below $100, Solana’s 24-hour trading volume has increased by 11%, indicating sustained interest in the cryptocurrency.
