Specialist Indicates Upside Potential of 220% for Solana (SOL)

A cryptocurrency analyst, whose influence is recognized by a large number of followers, recently projected a bullish scenario for the altcoin Solana (SOL). The expert, who runs the InvestAnswers channel on YouTube, shared a detailed analysis of the cryptocurrency’s growth potential.

In a recent video, the analyst pointed to a possible significant increase in the value of Solana. Based on a substantial increase in the total market cap of cryptocurrencies to $5 trillion, he predicts significant growth in Solana’s market dominance. This metric, which compares SOL’s market cap to its competitor Ethereum (ETH), is seen as a key indicator of the cryptocurrency’s growth potential.

The presenter highlighted that Solana’s current dominance is around 2.4% to 2.5% and that an increase to 3% of that dominance, in a $5 trillion market, could boost SOL’s price to around US$ 363. “SOL’s dominance is already at 2.4%, 2.5%. Could it reach 3%? Yes – if that’s the case, 3% of $5 billion is $150 billion, which brings the price of Solana to $363. Well, I’ll back that number up with another metric as well. If you asked me a year ago when SOL was at $8, [se] would reach US$363, [eu teria] told you are crazy. Now, it is absolutely viable.”

and #Solana Dominance smashes 3% – and it is NOT EVEN XMAS… holy $hit
I need to update my Price targets yet again as Bull MKT #SOLD is reached pic.twitter.com/AzgZqh4I0N

— InvestAnswers (@invest_answers) December 24, 2023

Additionally, the analyst mentioned another interesting metric. If SOL’s market share relative to Ethereum increases to 20%, this would equate to a $366 price target for Solana. “$366 is very similar to $363, which is based on 3% crypto market dominance with a total valuation of $5 trillion. So it’s interesting how these two are almost getting along. That’s why it has always been present in my calculations since 2021 as an easy obstacle to achieve.”

Currently, Solana is trading at $119.40 with a 5% increase. However, if analyst projections come to fruition, this would represent an increase of over 228% for SOL’s value.

Disclaimer:

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