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A intently adopted crypto analyst says that one Ethereum (ETH) rival that has exploded about 600% yr thus far 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 fuel left within the tank regardless of already posting enormous features this yr.
The analyst is taking a look at Solana’s dominance, which tracks how a lot of the overall crypto market cap belongs to SOL. In line with the InvestAnswers host, he sees SOL’s dominance rising to three% within the subsequent market growth, indicating that SOL has extra room to develop.
“Relating to the Solana dominance to date this yr, [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 by 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 yr, we may hit a $5 trillion market cap – lots of that will probably 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 complete crypto market cap and a 3% dominance ranking for Solana. In line with 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 could be a 4.84x [increase] from the place we’re right now. [That figure] occasions $75 that may 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 symbolize a 423% appreciation.
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