Ethereum Rival Surges 7x in 2023, Set to Explode 400% in Bull Run!

A crypto analyst closely monitoring the market suggests that a competing digital asset to Ethereum (ETH) has surged approximately 600% year to date and is poised for another upward movement.

In a recent video update, the host of InvestAnswers, with 458,000 subscribers on YouTube, asserts that Solana (SOL), a smart contract platform, still has significant potential for growth despite its substantial gains this year.

The analyst emphasizes Solana's dominance, tracking the portion of the total crypto market cap attributed to SOL. According to the InvestAnswers host, he anticipates SOL's dominance to increase to 3% in the next market expansion, signaling further growth opportunities.

“Regarding the Solana dominance so far this year, [what] blew me away is we’re at nearly 2.2%. The all-time high for Solana on dominance was like 2.5% or something, so again we are so early yet the dominance of Solana is going through the roof.

The question is: what happens if the [crypto] market cap goes to $5 trillion?

…Within 18 months or 24 months, or maybe even a year, we could hit a $5 trillion market cap – a lot of that will be driven by Bitcoin of course, but I do expect SOL dominance to hit at least 3%. So the question is, if [the] CMC (crypto market cap) goes to $5 trillion [and] SOL dominance goes to 3%, what is the price of SOL?”

The strategist proceeds to project SOL's potential price, considering a $5 trillion total crypto market cap and a 3% dominance rating for Solana. According to the host, Solana's price is expected to reach $363.

If CMC goes to $5 trillion, then that means the market cap of SOL goes to $150 billion and the current SOL market cap is $31 billion, and that is a 4.84x [increase] from where we are today. [That figure] times $75 that would take [Solana’s] price to a ridiculous $363.”

As of the current writing, Solana is traded at $69.31. Achieving a $363 price would signify a remarkable 423% appreciation.