A widely followed crypto analyst says that another rise of over 3x is in the cards for one red-hot altcoin that has already skyrocketed about 1,000% since the start of the year.
In a new video update, the anonymous host of InvestAnswers tells his 461,000 YouTube subscribers that the smart contract platform Solana (SOL) could still see a significant price rise going forward.
According to the strategist, he sees Solana’s dominance rising to 3% and the total market cap of crypto ascending to $5 trillion. SOL dominance is a metric that tracks how much of the total crypto market cap belongs to the Ethereum (ETH) rival.
The analyst notes that Solana’s growing dominance combined with the rising total crypto market cap could mean that SOL may hit a price tag well above $300.
“SOL dominance it’s already at like 2.4%, 2.5%. Could it hit 3%? Yes – if that’s the case, 3% of 5 trillion is $150 billion, which takes the price of Solana to $363.
Well, I’m going to back that number with another metric as well. If you asked me a year ago when SOL was at $8 [if] would it hit $363, [I’d have] said you’re crazy. Now, it’s absolutely feasible.”
Looking at another metric, the analyst says that if SOL’s share of Ethereum’s market cap rises to just 20%, it would translate to a price target of $366 for Solana.
“$366 is very similar to $363 which is based on 3% of crypto market dominance at a $5 trillion total valuation. So it’s interesting how those two are almost bang on. That’s why it’s always been there in my calculations since 2021 as an easy hurdle to achieve.”
Solana is trading for $110.40, a decrease of more than 2.60% in the last 24 hours. A move toward the analyst’s price target suggests an upside potential of more than 228% for SOL.
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Featured Image: Shutterstock/Vadim Sadovski/solvertv
