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- Renowned crypto analyst predicts that Solana could surge between 235% and 570% in this cycle.
- Zeta Markets Founder also discloses that Solana could certainly move into the top three largest blockchains by market cap.
As the crypto market continues to rise, Solana (SOL) investors find themselves riding a particularly steep wave of excitement and uncertainty. Its meteoric ascent on the charts announces its readiness to near or breach its all-time high of $260 recorded on November 6, 2021. Currently, the asset is extending its upward surge with a weekly appreciation of 15.9%, pushing its monthly returns to 45% to trade at $152.
The possibility of this asset breaking a key resistance level to hit $170 in the coming days cannot be guaranteed, however, renowned analyst and Real Vision CEO Raoul Pal believes that “Solana is the Ethereum of the last cycle”. According to him, Solana has enough potential to set a new all-time high in this market cycle.
Speaking in an interview on the Rug Radio YouTube channel, Pal explained that the current cycle interestingly finds itself in the middle of a strong uptrend. According to him, the situation in the market can trigger a 30% pullback in the shorter term. Regardless, 2024 is undeniably a crypto summer year.
This is the time when ETH outperforms Bitcoin, Solana outperforms ETH, a bunch of alts will outperform Solana… The big trade is now on.
In the wake of several positive price determinants moving in favor of the crypto market, Pal foresees between a 235% and 570% price surge for Solana from the current level. This coincides with the Altcoin Sherpa’s prediction that SOL could hit over $500 as formerly reported by Crypto News Flash.
Solana Experience Booming Activities As Expert Predicts More “Magical Moments”
Interestingly, many experts including Zeta Markets Founder Tristan Frizza have a higher hope for the digital asset as he expects Solana to move into the top three blockchains by market cap.
With Solana already recording more daily transactions than Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to a top three blockchain by market cap seems inevitable.
The bullish extension of Solana was recently confirmed by a crypto analyst, Altcoin Buzz, in a recent report covered by Crypto News Flash. Fascinatingly, data from The Block also provides an incredible view of these predictions as it shows that booming on-chain activities could be the primary catalyst. The report reveals that Solana’s total wallet address is edging closer to an all-time high. Its activities have also surpassed the likes of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche.
A couple of days ago, the daily count of new addresses on the network surpassed an all-time high of over 691,000. In addition, Solana’s Decentralized Exchange trading volumes have consistently exceeded $2 billion daily since the beginning of March.
Coupled with these on-chain activities making a case for the current price of the asset, institutional investors are also planning for a massive adoption as Pantera Capital considers an investment of $250 million in SOL from FTX. Another interesting observation is that the Solana meme coin market replicates this incredible move as it nears $7 billion in valuation. This is said to be 10% of the total market.
According to Ryan Selkis of Messari, tools like Phantom and Backpack, DEXscreener trading integration, minimal fees, and rapid transaction processing have provided a seamless trading experience, setting the Solana network apart from the rest.
