A popular cryptocurrency analyst explains the potential upside for Ethereum (ETH) competitor Solana (SOL).
In a new YouTube video, the anonymous host of InvestAnswers tells his 478,000 subscribers that Solana reached 20% of Ethereum's market cap in December, but has fallen to No. 2 in the months since. He pointed out that it has outperformed crypto assets.
The InvestAnswers host says that if Solana returns to its 20% level, that would mean the SOL price would be around $171, based on ETH’s current trading price.
“If you go to a third of Ethereum's market cap, that's $277. If you go to half of Ethereum, it's $421. If you go to 70% of Ethereum, it's $585. Many people think that's the average price. We're talking about becoming, but I'm not going to go there because ETH is still a big machine, a big monster. And remember, we've been to some of these levels in the past. We've been there, and we'll probably reach those levels again.
But the other good news is that as Ethereum rises in value, Solana will technically rise as well. But there is a delay in between, so the future is very bright. ”
At the time of writing, SOL is trading at $108.62. The digital asset, which ranked fifth in terms of market capitalization, did not experience the rally that most crypto markets experienced in 2024, with its price at about the same point as at the beginning of the year.
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