A famous crypto analyst says another over 3x increase is in store for an altcoin that has risen nearly 1,000% since the beginning of the year. InvestAnswers’ anonymous host in a new video solana He says that (SOL) could see a significant price increase going forward.
According to the strategist, Solana’s dominance has increased to 3% and altcoinIt sees the total market value of ‘s rise to $5 trillion. SOL dominance is a metric that tracks how much of the total crypto market cap belongs to its Ethereum (ETH) rival.
Analyst says Solana’s increasing dominance will be driven by rising total crypto- He notes that combined with its market cap could mean SOL could reach a price tag well above $300.
The dominance of the SOL is already at a level of 2.4%, 2.5%. Can he reach 3? Yes – if that’s the case, 3% of 5 trillion is $150 billion, which would bring Solana’s price to $363.
NEWS CONTINUES BELOWI will also support this figure with another criterion. If you had asked me a year ago, when SOL was at $8, would it reach $363, I would have called you crazy. Now this is definitely possible.
Looking at another metric, the analyst says that if SOL’s share of Ethereum’s market cap rises to just 20%, that would imply a $366 price target for Solana.
$366 is very similar to $363 based on crypto market dominance of 3% at a total valuation of $5 trillion. So it’s interesting that these two are almost the same. That’s why it’s always been in my calculations since 2021 as an easy hurdle to reach.
SOL is trading at $110.40, down more than 2.60% in the last 24 hours. A move towards the analyst’s price target indicates more than 228% upside potential for SOL.