A closely followed crypto analyst says that one Ethereum (ETH) rival that has exploded about 600% year to date is gearing up to spark another move to the upside.
In a new video update, the host of InvestAnswers tells his 458,000 YouTube subscribers that smart contract platform Solana (SOL) has a lot more gas left in the tank despite already posting huge gains this year.
The analyst is looking at Solana’s dominance, which tracks how much of the total crypto market cap belongs to SOL. According to the InvestAnswers host, he sees SOL’s dominance rising to 3% in the next market expansion, indicating that SOL has more room to grow.
“Regarding the Solana dominance so far this year, [what] blew me away is we’re at nearly 2.2%. The all-time high for Solana on dominance was like 2.5% or something, so again we are so early yet the dominance of Solana is going through the roof.
The question is: what happens if the [crypto] market cap goes to $5 trillion?
…Within 18 months or 24 months, or maybe even a year, we could hit a $5 trillion market cap – a lot of that will be driven by Bitcoin of course, but I do expect SOL dominance to hit at least 3%. So the question is, if [the] CMC (crypto market cap) goes to $5 trillion [and] SOL dominance goes to 3%, what is the price of SOL?”
The strategist goes on to calculate SOL’s potential price, factoring in the variables of a $5 trillion total crypto market cap and a 3% dominance rating for Solana. According to the host, Solana should reach the $363 price tag.
“If CMC goes to $5 trillion, then that means the market cap of SOL goes to $150 billion and the current SOL market cap is $31 billion, and that is a 4.84x [increase] from where we are today. [That figure] times $75 that would take [Solana’s] price to a ridiculous $363.”
Solana is trading for $69.31 at time of writing. An increase to $363 would represent a 423% appreciation.
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