A closely followed crypto analyst claims that Solana (SOL), which stands out as a serious rival to Ethereum (ETH), has great upside potential. According to the statements made on the InvestAnswers platform, SOL attracts attention with its approximately 600% increase in value since the beginning of this year and sends strong signals that this upward trend may continue.
Solana’s success has caused it to quickly rise to prominence in the cryptocurrency world and gain popularity among users. However, according to some analysts, Solana has not yet fully revealed its true potential and there is a possibility of greater gains in the coming months.
InvestAnswers host conducted an analysis on Solana’s total dominance in the crypto market. He suggested that the SOL dominance, currently around 2%, could increase to 3% in the next bull run. This stands out as an important factor showing Solana’s future growth potential and competitive advantage.
“What surprises me when it comes to Solana’s dominance so far this year is that we’re at about 2.2%. Solana’s all-time high in terms of dominance was around 2.5%, so we’re still very early, but Solana’s dominance is through the roof. The question is: what happens if the total value of the cryptocurrency market increases to $5 trillion?
NEWS CONTINUES BELOW…we could reach a $5 trillion market cap in 18 months or 24 months, maybe even a year; Much of this will of course be driven by Bitcoin, but I expect SOL dominance to reach at least 3%. So the question is: if the crypto market cap rises to $5 trillion and SOL dominance increases to 3%, what will be the price of SOL?”
The strategist calculated SOL’s potential price by taking into account the variables of a total crypto market cap of $5 trillion and Solana’s 3% dominance rating. According to the analyst, the altcoin could reach the price tag of $ 363 in such a scenario.
“If the total market cap increases to $5 trillion, that means SOL’s market cap will increase to $150 billion, which is a 4.84x increase from where we are today. [Bu rakam] times $75, which is [Solana’nın] “It will increase the price to 363 dollars.”
The popular altcoin is trading at $69.31 at press time. An increase to $363 would mean a 423% increase in value.
You can follow the current price movement here.