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February 29, 2024 - 16:00 EST
Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle.
Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run.
Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”
Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle.
Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year.
Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then.
Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume.
The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.
At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap.
The original article was posted on Tradingview.com/News.
Article reposted on Markethive by Jeffrey Sloe
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