Wondering what’s on the horizon for Solana (SOL) in 2024? Analysts are buzzing with speculations, and here’s the scoop without the jargon.
Aiming for the Sky: Could Solana Emulate Ethereum’s 50X Leap?
Since the exhilarating bull run of 2021, Solana has often been dubbed the Ethereum killer. Now, experts are tossing around the idea that SOL might not just keep up with Ethereum (ETH) but possibly outshine it with a jaw-dropping 50X return.
Solana’s Stride: Outshining Ethereum in the Coming Year?
After Solana’s impressive climb from its lows, experts boldly predicted its dominance over Ethereum. One analyst, Raoul Pal, drew parallels between the 2018 bull run of ETH and Solana’s current price, hinting at a similar trajectory. Pal pointed out,
“I just flip up the chart of ETH in 2018 and then put it against the chart of Solana; they are pretty much identical. ETH did 47X from that low.”
Read more: Solana vs. Ethereum: An Ultimate Comparison
The speculation gains momentum as other traders join the chorus, anticipating a substantial influx of capital into Solana. Their reasoning? While Ethereum offers diverse project creation options, Solana’s closed system fosters community loyalty, coupled with more affordable gas fees compared to its larger crypto counterpart.
Crypto enthusiast Marc Colcer chimed in on Twitter:
“Everyone wants their bags, their NFTs, their memecoins, etc., to go up in price. It’s easy to support when the price is moving up; it’s harder when you’re down 50%. But the communities that don’t give up will always be the most successful.”
He lauded the Solana community’s resilience and unity, emphasizing that a steadfast community can create a movement that’s hard to thwart.
Throw in expectations of a Bitcoin bull run, and an altcoin season seems inevitable. SOL has already surged nearly 15X from its bottom, adding to the optimistic outlook.
However, some skeptics raise concerns about the challenging path ahead, citing the inflation of SOL tokens. In 2021, Solana reached a market capitalization of over $75 billion at its all-time high. Achieving a similar feat now would require a market capitalization of around $111 billion to hit a high of $260.
As of the latest update, Solana is trading at $99.43, experiencing a marginal 1.06% dip in the past 24 hours. The stage is set, and the crypto world watches eagerly as Solana gears up for a potentially game-changing year.
Read more: How to Buy Solana (SOL) and Everything You Need To Know