A well-followed analyst in the cryptocurrency markets revealed that an Ethereum (ETH) competitor, which has exploded by 600% so far, is preparing to spark.
Rise in SOL on the Horizon
In a new statement, the InvestAnswers host noted via YouTube that while smart contract platform Solana (SOL) has already made big gains this year, it still has a long way to go. The analyst also discussed Solana’s dominance, tracking how much of the total cryptocurrency market capitalization belongs to SOL.
According to the InvestAnswers host, he thinks SOL’s dominance will increase to 3% in the next market expansion, indicating that SOL has more room to grow. The analyst said the following in his comments:
When it comes to Solana’s dominance so far this year, what surprised me is that we are at about 2.2%. Solana’s all-time high in terms of dominance was around 2.5%, so again we are very early but Solana’s dominance is going through the roof. In 18 months or 24 months, maybe even a year, we could reach a market capitalization of $5 trillion. Much of that will of course be driven by Bitcoin, but I expect SOL dominance to reach at least 3%. So the question is: if CMC (crypto market capitalization) goes to $5 trillion and SOL dominance goes to 3%, what will SOL’s price be?
Total Market Cap in Solana
The analyst continues to calculate SOL’s potential price, taking into account the total cryptocurrency market capitalization of $5 trillion and Solana’s 3% dominance. According to the expert, Solana needs to reach a price tag of $ 363.The analyst said the following about the subject:”If CMC goes to $5 trillion, that means SOL’s market capitalization goes to $150 billion and the current SOL market capitalization goes to $31 billion, which is a 4.84-fold increase from where we are today.This figure times 75 dollars, which would bring Solana’s price to a ridiculous 363 dollars.
