A well-liked crypto analyst is laying out the potential upside for Ethereum (ETH) competitor Solana (SOL).
In a brand new YouTube video, the nameless host of InvestAnswers notes to his 478,000 subscribers that Solana hit 20% of Ethereum’s market cap in December however has been outperformed by the second-largest crypto asset within the months since then.
The InvestAnswers host says that if Solana returns to that 20% stage, that may imply a SOL worth of round $171, based mostly on what ETH’s at present buying and selling for.
“If we go to one-third of the market cap of Ethereum, that’s $277. If we go to half of Ethereum, that’s $421, and if we go to 70% of Ethereum – $585. Lots of people speak about it turning into parity, however I’m not going to go there, as a result of ETH remains to be an enormous machine, an enormous monster. And keep in mind, we’ve been at a few of these ranges earlier than previously, and we will in all probability go to them once more.
However the different excellent news is, as the worth of Ethereum rises, technically Solana will rise too. However there’s a lag in between — so the longer term’s very brilliant.”
SOL is buying and selling at $108.62 at time of writing. The fifth-ranked digital asset by market cap hasn’t skilled the 2024 features that a lot of the crypto market has and is priced at roughly the identical level it was firstly of the yr.
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