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Cryptocurrency market’s leading analyst has suggested that the leading smart contract platform Ethereum‘s (ETH) close competitor Solana (SOL) could be poised for a rise. The senior cryptocurrency analyst stated in his comments that Solana could soon surpass Ethereum in terms of investor interest and network activity.
Expert Opinion on Solana
The anonymous host of InvestAnswers told his YouTube subscribers that Solana reached 20% of Ethereum’s market value in December but has since been left behind by the second-largest cryptocurrency over the past months.
However, the InvestAnswers host mentioned that if Solana returns to this 20% level, depending on ETH’s current trading position, it would mean a SOL price of around $171. The expert said the following:
If we go to a third of Ethereum’s market value, that would be $277. If we go to half of Ethereum’s value, that would be $421, and 70% would be $585. Many people talk about this converting to parity, but I’m not going to go there because ETH is still a big machine, a big deal. And remember, we’ve been at some of these levels in the past and could probably go back to them. However, the other good news is that as Ethereum’s value increases, technically Solana’s will too. But there is a delay in between. So the future looks very bright.
Price Movement in Solana
SOL was trading at $108.62 at the time of writing. The cryptocurrency, ranked fifth in terms of market value, has not experienced the gains of 2024 that most of the market has, and is priced at the same level as at the beginning of the year. Consequently, the cryptocurrency market analyst has put forward that Ethereum’s competitor Solana could be on the rise. InvestAnswers’ host noted that Solana reached 20% of ETH’s value in December, but has fallen behind in recent months.
Analysts also emphasize that Solana could gain value parallel to Ethereum and that the future is promising. On the other hand, the leading cryptocurrency, Bitcoin (BTC), is trading at $61,000 levels after its recent significant rise, which is about eight thousand dollars below its all-time high of $69,000.
