Analyst Says Solana (SOL) Has Potential for Explosive Gains Next Bull Run – Here Are His Price Targets
A popular crypto strategist is analyzing Solana’s (SOL) potential price path in relation to Bitcoin’s (BTC) possible explosion during the next bull market.
In a new YouTube video, the anonymous host of InvestAnswers unveils to his 444,000 subscribers a strategy for predicting Solana’s value in the future.
According to the anonymous crypto analyst, his Solana price prediction methodology first involves looking at Bitcoin’s possible future value to come up with a price target for Ethereum (ETH).
“What I did was I compared the Bitcoin price to the Ethereum dominance in the future, which I believe will be at least 25%, and that will bring us to an Ethereum price, hypothetically, of $15,450 if Bitcoin goes to $158,000. If Bitcoin doesn’t go to $158,000, that $15,000 price target for Ethereum goes away. And that is a function of the scarcity, the deflationary nature of ETH in proof of stake, etc., etc.”
A 25% ETH dominance indicates that Ethereum makes up a quarter of the total crypto market cap.
After deriving the potential future price of Ethereum, the crypto analyst says he can now come up with two price targets for Solana.
“Now there are two variations for the Solana price: one is 10% of ETH dominance, and the second one is 20% of ETH dominance.”
The crypto strategist says that if Solana is at 10% ETH dominance, he thinks it could surge to $370 in this hypothetical situation, a more than 1,000% increase from its current price.
If Solana achieves 20% ETH dominance, the analyst thinks it could skyrocket to $739, a more than 2,100% increase.
SOL is trading at $32.78 at time of writing. The ninth-ranked crypto asset by market cap is up more than 4.6% in the past 24 hours.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/ValDan22
The post Analyst Says Solana (SOL) Has Potential for Explosive Gains Next Bull Run – Here Are His Price Targets appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
