A prominent cryptocurrency analyst is suggesting a potential upside for Ethereum (ETH) competitor Solana (SOL).
In a new YouTube video, an anonymous host from InvestAnswers noted to his 478,000 subscribers that Solana hit 20% of Ethereum’s market cap in December but has outperformed the second-largest cryptocurrency asset in the months since.
The InvestAnswers host says that if Solana reverts to the 20% level, this would mean a SOL price of around $171 based on ETH’s current trading price.
“If you go to one-third of Ethereum’s market capitalization, it’s $277. If you go to half of Ethereum, it is $421, and if you go to 70% of Ethereum, it is $585. A lot of people say there’s parity, but I wouldn’t go there. Because ETH is still a big machine and a big monster. And remember: We’ve been at some of these levels in the past and we could probably get to them again.
But the other good news is that as the value of Ethereum rises, technically Solana will rise as well. But there is a lag in between, so the future is very bright.”
SOL is trading at $108.62 at the time of this writing. The fifth-largest digital asset by market capitalization has not experienced the 2024 gains enjoyed by most cryptocurrency markets and is priced at roughly the same price as it was at the start of the year.
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