InvestAnswers’ server and anonymous cryptocurrency analyst predicts that Solana (SOL), the altcoin king, will experience significant growth as it approaches all-time highs based on the $9,700 price target set for Ethereum (ETH). Here is the analyst’s price prediction for both Solana and Bitcoin (BTC).
Ethereum’s Major Surge Will Propel Solana, According to Analyst
The host of InvestAnswers, a cryptocurrency-focused YouTube channel, and an anonymous cryptocurrency analyst, believes that the price of Solana could rise to $250, and it will increase by at least 870% from its current value of $25.75.
According to the analyst, the price increase in Solana will likely be triggered by the Cancun update, which is expected to enhance the scalability of Ethereum, the leading smart contract platform. The analyst referred to the price prediction for ETH shared by Blofin, a crypto financial services company. According to Blofin, the Cancun update will push the price of ETH to $9,700. The analyst stated that such an optimistic scenario for the altcoin king will also impact the price of Solana, pushing it to at least $250.
The analyst also added that they expect Solana’s price to increase faster than Ethereum’s during this period. However, the $9,700 price predicted by Blofin for ETH is not expected to materialize in the short term. According to the analyst, it is more likely to happen at the beginning of 2025 rather than the first quarter of 2024. This indicates that the major surge in SOL is not expected to occur before the end of 2024 or the beginning of 2025.
Analyst Reiterates Expectation of a 40% Increase in Bitcoin by Early 2024
After presenting optimistic predictions for Solana and Ethereum and supporting these scenarios, the analyst shifted focus to Bitcoin. The analyst reiterated their previous prediction that the largest cryptocurrency will experience an increase of over 40% from current levels by early 2024. A few months ago, the analyst stated that the $42,000 target for Bitcoin could be reached between January and April 2024.
