Price Expectations for Solana (SOL)
A prominent cryptocurrency analyst closely monitored in the markets has suggested that investors might be underestimating the potential of Solana, a leading smart contract platform, in the upcoming bull market.
In a recent strategy session, the InvestAnswers host argued that the fundamental thesis for SOL is based on Ethereum’s market value, which is expected to reach 10% during the next market surge. Assuming Ethereum surpasses $8,000 in the upcoming bull market, the analyst speculates that if Solana achieves 10% of Ethereum’s market value, it would translate to a price target of $231 for SOL. However, InvestAnswers pointed out that it’s not entirely improbable for SOL to reach 20% of Ethereum’s market value. The analyst added:
“If Solana, a key element in my thesis, attains 20% of ETH’s market value, this would bring us to a market value of $192 billion. Considering today’s prices and token count, this could result in a remarkable return on investment of 2,038%, comprising only 5% of the entire crypto market. So, it’s well within the realm of possibilities. Moreover, we have surpassed the 10% threshold in the past. As evidenced by Solana’s upward chart, the yellow line represents 10% of ETH’s market value, and the blue Solana price exceeded it in October 2021.”
Expert Comment on SOL
In summary, the cryptocurrency analyst affirmed that Solana’s (SOL) potential is being undervalued by investors. The analyst also indicated that Ethereum’s 10% market value could imply a price target of $231 for SOL. Additionally, the analyst emphasized the possibility of Solana reaching 20% of ETH, which could result in a price of $461 for SOL. This highlights the substantial returns that could be attainable for investors.
As of the time of writing, Solana is trading at $21.78.
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