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As crypto investors anticipate an upcoming bull market, many have been accumulating altcoins, particularly as they have recently surpassed the 50-week Simple Moving Average (SMA) barrier, signaling significant strength. The host of the crypto-focused YouTube channel InvestAnswers and anonymous crypto analyst James suggests that investors should closely monitor Ethereum (ETH) and Solana (SOL).
Analyst Reveals Solana’s Expected Target Level
Crypto analyst James from the YouTube channel InvestAnswers expects Solana’s market value to reach 10% of Ethereum’s market value in the next growth phase of the crypto market.
According to the analyst, if Ethereum’s price exceeds $8,000 in the next bull market and Solana’s market value attains 10% of ETH’s market value (a milestone previously achieved), it would mean a price of $231 for SOL, representing an approximate 278% return on investment (ROI) from its current price of $61.02.
A few days ago, Solana’s Total Value Locked (TVL) in the DeFi ecosystem surpassed $655 million, reaching a new annual peak. This represents a significant 211% increase from the TVL of $210.47 million recorded on the first day of this year. Additionally, Solana boasts an exceptional transaction speed that exceeds tens of thousands per second, presenting a significant advantage over Ethereum’s 15 transactions per second. This high transaction speed could make Solana a preferred choice for decentralized cryptocurrency exchanges (DEXs) and the non-fungible token (NFT) market, which demand high transaction speeds.
Market Value Increase Could Boost SOL to $453
Crypto analyst James also highlighted that in a more optimistic scenario, Solana’s market value could capture 20% of Ethereum’s market value. Should Solana reach this milestone, the expert suggests it would correspond to a market value of approximately $192 billion for SOL.
Considering the potential market value of $192 billion and the circulating coin supply, SOL’s price could rise to $453, indicating a 2038% investment return compared to current prices. InvestAnswers pointed out that Solana has already exceeded the 10% threshold in the past.
Furthermore, the analyst shared a chart demonstrating the altcoin’s upward potential. In the analyst’s chart, the yellow line represents 10% of ETH’s market value, while the blue line indicates Solana’s surpassing of this threshold in October 2021.
