A popular crypto analyst is laying out the potential upside for Ethereum (ETH) competitor Solana (SOL).
In a new YouTube video, the anonymous host of InvestAnswers notes to his 478,000 subscribers that Solana hit 20% of Ethereum’s market cap in December but has been outperformed by the second-largest crypto asset in the months since then.
[adinserter block="1"]The InvestAnswers host says that if Solana returns to that 20% level, that would mean a SOL price of around $171, based on what ETH’s currently trading for.
“If we go to one-third of the market cap of Ethereum, that’s $277. If we go to half of Ethereum, that’s $421, and if we go to 70% of Ethereum – $585. A lot of people talk about it becoming parity, but I’m not going to go there, because ETH is still a big machine, a big monster. And remember, we’ve been at some of these levels before in the past, and we can probably go to them again.
But the other good news is, as the value of Ethereum rises, technically Solana will rise too. But there’s a lag in between — so the future’s very bright.”
SOL is trading at $108.62 at time of writing. The fifth-ranked digital asset by market cap hasn’t experienced the 2024 gains that most of the crypto market has and is priced at roughly the same point it was at the start of the year.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
