A recent analysis has suggested the crucial points for Solana (SOL) cryptocurrency to reach an impressive price of $5,000. Solana, considered one of the rising stars of 2024, has been performing amazingly this year amid significant growth.

YouTube channel Cheeky Crypto recently shared an analysis on Solana, highlighting a potential prediction for its price trajectory, as well as factors that could drive its development. The analysis highlighted important comparisons to Bitcoin and Ethereum, emphasizing the importance of the current positions of the two largest cryptocurrencies in contextualizing Solana’s potential.

Bitcoin’s limited supply of 21 million coins was highlighted in the analysis, in addition to the BTC halving, which occurred on April 19, 2024. By mentioning these points, the objective is to understand that BTC and ETH market trends influence the scenarios of other cryptocurrencies.

Cheeky Crypto’s prediction emphasized Solana’s potential to reach impressive price levels, depending on certain market movements and ecosystem developments. The first price target, which is conservatively estimated, would see the price reach $688 per SOL and a market cap of $318 billion. This would represent a 5.1x upside from its current value.

The expert also suggested that Solana’s price could reach $1,192 per SOL if Bitcoin hits $250,000 or $500,000 and Ethereum soars to $15,000 or $25,000.

The analyst also highlighted the possibility of Solana exchange-traded funds (ETFs) on the horizon. The introduction of such products could significantly boost Solana’s market valuation. The analyst’s forecast revealed that the cryptocurrency could rise to $2,399, marking a 17.7x increase. In an even more optimistic scenario, Solana could reach $5,100 per SOL, a 37.6x increase, according to the analysis.

At the time of publication, Solana’s price is quoted at $133.46, down 0.5% in the last 24 hours.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/analise-sugere-pontos-cruciais-para-solana-ultrapassar-us-5-000/

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