A broadly adopted crypto analyst says that one other rise of over 3x is within the playing cards for one red-hot altcoin that has already skyrocketed about 1,000% because the begin of the yr.
In a brand new video replace, the nameless host of InvestAnswers tells his 461,000 YouTube subscribers that the good contract platform Solana (SOL) might nonetheless see a major value rise going ahead.
In accordance with the strategist, he sees Solana’s dominance rising to three% and the whole market cap of crypto ascending to $5 trillion. SOL dominance is a metric that tracks how a lot of the whole crypto market cap belongs to the Ethereum (ETH) rival.
The analyst notes that Solana’s rising dominance mixed with the rising complete crypto market cap might imply that SOL could hit a price ticket properly above $300.
“SOL dominance it’s already at like 2.4%, 2.5%. May it hit 3%? Sure – if that’s the case, 3% of 5 trillion is $150 billion, which takes the value of Solana to $363.
Nicely, I’m going to again that quantity with one other metric as properly. Should you requested me a yr in the past when SOL was at $8 [if] would it not hit $363, [I’d have] mentioned you’re loopy. Now, it’s completely possible.”
one other metric, the analyst says that if SOL’s share of Ethereum’s market cap rises to simply 20%, it will translate to a value goal of $366 for Solana.
“$366 is similar to $363 which relies on 3% of crypto market dominance at a $5 trillion complete valuation. So it’s attention-grabbing how these two are virtually bang on. That’s why it’s all the time been there in my calculations since 2021 as a straightforward hurdle to attain.”
Solana is buying and selling for $110.40, a lower of greater than 2.60% within the final 24 hours. A transfer towards the analyst’s value goal suggests an upside potential of greater than 228% for SOL.
I
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Worth Motion
Observe us on Twitter, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually 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 chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate internet marketing.
Featured Picture: Shutterstock/Vadim Sadovski/solvertv