Cryptocurrency analyst and trader Michaël van de Poppe is plotting out how high one Ethereum (ETH) competitor can go after the altcoin experienced explosive growth during 2021.
In a recent strategy session, Van de Poppe tells his 157,000 YouTube subscribers that layer-1 smart contract platform Solana (SOL) is taking advantage of some of the Ethereum platform’s limitations, such as high transaction costs and scalability issues.
The crypto strategist thinks the overall crypto markets are looking bullish headed into 2022 and if Solana can successfully break above the $193 region, then the altcoin will blast past previous all-time highs.
“The two levels that I’m personally watching are $410 and $650 in the first few runs.
But imagine that we’re getting an extensive bull market in which Bitcoin is going to make a big run, and the entire cryptocurrency market cap is going make a big run.
We might be seeing an exceeding run for Solana here as well in which we make this run, have another correction, and then we start running one more time before the entire bull market is over, resulting in to a run that might be bringing us towards… let’s say we can even hit $1,000 or $1,500, and then we’re getting to the end of this bull cycle.”
Van de Poppe concludes his upside price prediction by saying that while he believes $600 SOL is possible during the current run, the broader crypto markets would need to achieve a 5x before SOL reaches the $1,000 price tag.
At time of writing, Solana is down 3.42% for the day to $190.48. The fifth-ranked crypto asset has gone ballistic this year, ripping from $1.52 all the way to a November high of $258.63 before correcting to its current price.
The chart guru thinks that if the crypto markets keep expanding, there’s no reason why Solana can’t also do another 3x against Bitcoin (BTC).
Regarding the SOL/BTC trading pair, the analyst says,
“Looking at a price prediction, I think that if the market is going to expand itself towards $10 to $15 trillion, another 5x on Solana should be quite normal as well, as that is just the average of the entire market.
But if we are looking at a Fibonacci extension, we could be seeing ourselves running towards 0.0071 BTC ($352.62), or potentially even 0.012 BTC ($595.97).”
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kiselev Andrey Valerevich