A carefully adopted crypto analyst says that one Ethereum (ETH) rival that has exploded about 600% 12 months to this point is gearing as much as spark one other transfer to the upside.
In a brand new video replace, the host of InvestAnswers tells his 458,000 YouTube subscribers that good contract platform Solana (SOL) has much more gasoline left within the tank regardless of already posting enormous beneficial properties this 12 months.
The analyst is taking a look at Solana’s dominance, which tracks how a lot of the full crypto market cap belongs to SOL. In response to the InvestAnswers host, he sees SOL’s dominance rising to three% within the subsequent market enlargement, indicating that SOL has extra room to develop.
“Concerning the Solana dominance to this point this 12 months, [what] blew me away is we’re at practically 2.2%. The all-time excessive for Solana on dominance was like 2.5% or one thing, so once more we’re so early but the dominance of Solana goes via the roof.
The query is: what occurs if the [crypto] market cap goes to $5 trillion?
…Inside 18 months or 24 months, or possibly even a 12 months, we may hit a $5 trillion market cap – lots of that will likely be pushed by Bitcoin in fact, however I do count on SOL dominance to hit no less than 3%. So the query is, if [the] CMC (crypto market cap) goes to $5 trillion [and] SOL dominance goes to three%, what’s the value of SOL?”
The strategist goes on to calculate SOL’s potential value, factoring within the variables of a $5 trillion whole crypto market cap and a 3% dominance ranking for Solana. In response to the host, Solana ought to attain the $363 price ticket.
“If CMC goes to $5 trillion, then meaning the market cap of SOL goes to $150 billion and the present SOL market cap is $31 billion, and that may be a 4.84x [increase] from the place we’re at the moment. [That figure] occasions $75 that might take [Solana’s] value to a ridiculous $363.”
Solana is buying and selling for $69.31 at time of writing. A rise to $363 would signify a 423% appreciation.
I
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Examine Worth Motion
Comply with us on Twitter, Fb and Telegram
Surf The Each day Hodl Combine
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses you might incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
