A broadly adopted crypto analyst says that one other rise of over 3x is within the playing cards for one red-hot altcoin that has already skyrocketed about 1,000% because the begin of the yr.
In a brand new video replace, the nameless host of InvestAnswers tells his 461,000 YouTube subscribers that the good contract platform Solana (SOL) may nonetheless see a big value rise going ahead.
In response to the strategist, he sees Solana’s dominance rising to three% and the entire market cap of crypto ascending to $5 trillion. SOL dominance is a metric that tracks how a lot of the entire crypto market cap belongs to the Ethereum (ETH) rival.
The analyst notes that Solana’s rising dominance mixed with the rising whole crypto market cap may imply that SOL might hit a price ticket properly above $300.
“SOL dominance it’s already at like 2.4%, 2.5%. Might it hit 3%? Sure – if that’s the case, 3% of 5 trillion is $150 billion, which takes the worth of Solana to $363.
Nicely, I’m going to again that quantity with one other metric as properly. If you happen to requested me a yr in the past when SOL was at $8 [if] would it not hit $363, [I’d have] mentioned you’re loopy. Now, it’s completely possible.”
Taking a look at one other metric, the analyst says that if SOL’s share of Ethereum’s market cap rises to only 20%, it will translate to a value goal of $366 for Solana.
“$366 is similar to $363 which relies on 3% of crypto market dominance at a $5 trillion whole valuation. So it’s attention-grabbing how these two are nearly bang on. That’s why it’s at all times been there in my calculations since 2021 as a straightforward hurdle to realize.”
Solana is buying and selling for $110.40, a lower of greater than 2.60% within the final 24 hours. A transfer towards the analyst’s value goal suggests an upside potential of greater than 228% for SOL.
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Featured Picture: Shutterstock/Vadim Sadovski/solvertv
