A popular cryptocurrency analyst recently shared insights suggesting that Solana, a dynamic altcoin, could potentially see its value soar by over 220%. This prediction comes after the coin already experienced a dramatic 1,000% increase since the beginning of the year.
In a recent video, the anonymous host of InvestAnswers, who has a substantial following of 461,000 on YouTube, discussed the potential future of Solana (SOL). He highlighted that the smart contract platform might witness a significant price surge.
The strategist pointed out that Solana’s market dominance might increase to 3%, with the overall cryptocurrency market capitalization possibly reaching $5 trillion. He emphasized that Solana’s growing market share, in comparison to its competitor Ethereum (ETH), could push its value significantly higher, potentially exceeding $300.
He explained, “SOL’s current dominance is around 2.4% to 2.5%. Reaching 3% of a $5 trillion market would value it at $150 billion, bringing Solana’s price to around $363. This seemed unimaginable a year ago when SOL was just $8, but now, it’s entirely within the realm of possibility.”
Further analyzing the metrics, the analyst suggested that if Solana captures just 20% of Ethereum’s market share, it could lead to a similar price target of $366 for Solana. He finds it interesting how these two different calculations align closely, reaffirming his belief in Solana’s potential since 2021.
As of now, Solana is trading at $110.40, having dropped by more than 2.60% in the last day. However, reaching the analyst’s ambitious target would imply a staggering growth of over 228% for SOL.
