Former Goldman Sachs executive Raoul Pal is expressing a bullish outlook on large-cap Ethereum (ETH) competitors.
In an interview with Wall Street veteran Anthony Scaramucci, Pal said Solana (SOL) could soar to “probably $1,000 or more” by the end of the current cycle, implying a potential gain of at least 604% from current levels.
“I think the range is… worst case $800, mid case $1,200. The upper end of the blow-off top is $2,500.”
As of this writing, Solana is trading at $142.
On whether Solana could surpass Ethereum in market cap, Pal said:
“I don’t think so. I think Solana will grow tremendously and close the gap with Ethereum tremendously.”
As of this writing, Ethereum has a market cap of $318.7 billion and Solana has a market cap of $67.02 billion.
The macroeconomic expert added that the two blockchains are optimized for different market segments.
“Other chains serve different purposes. Ethereum is more secure, and is probably what the financial industry chose to build on top of, whether it’s Layer 2 or whatever. It’s very secure, battle-tested, very respected, and still innovative.
Solana seems more suited to retail applications and fast-moving applications.
… Decentralized finance (DeFi) on Ethereum has become really popular, and of course NFTs (non-fungible tokens) have also become very popular, but these have also moved to Solana.
This is a very valuable transaction. If banks want to transfer billions of dollars between each other, Ethereum is the best chain to use.
Solana… is the right choice for a lot of fast transactions.”
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3