The price of Solana has climbed 13% in 48 hours, hitting over $160, drawing trader and analyst attention. SOL is becoming our pick for the smart contract and meme chain to outperform all other altcoins this cycle easily.
Think about it: ETH and BTC are the “best cryptocurrencies” due to their recognition, market cap, and acceptance.
However, if your risk appetite can sustain it and you’re looking for a better ROI now, BTC and ETH will likely be doing a 2-3x this bull cycle.
Many of the top 100 altcoins, like SOL, are primed to do a 10x, so here’s what you should know.
Solana to $1000 When?
The recent SOL price rally credits a blend of catalysts driving Solana’s rise.
With Ethereum ETF approvals on the horizon, the SEC’s directives for a potential July 23 debut have uplifted market sentiment, giving Solana a solid boost in the crypto sphere.
Solana Devs leaving after meme season ends pic.twitter.com/Hsz5IcGV8H
— Gordon (@AltcoinGordon) May 4, 2024
It is also worth noting that Solana’s ecosystem thrives on meme coins within its network. Coins such as BONK and Dogwifhat (WIF) thrive on Solana’s efficient infrastructure, stoking network activity and liquidity.
Ambitious Price Predictions for Solana and Market Outlook
Surprisingly, in recent weeks, Solana’s ecosystem has continued to strengthen and shine as its TVL surpasses BNB Chain, signifying maturity.
With DEX volumes surging, SOL is now challenging Ethereum as well, with projects like Jito and Kamino booming. Is it possible to see SOL flip Ethereum? No. Not likely. But it is highly likely that Solana will outperform Ethereum by a great deal this time around.
Another key metric to watch is the derivatives markets fueling SOL’s price rally. A 12% premium on futures amid a 25.7% gain in eleven days reflects trader confidence.
In this bull cycle, we could easily see a $1,000 SOL; we’d honestly be surprised if we didn’t. That’s nearly a 7x from these levels.
Explore: 15 Best Decentralized Crypto Wallets for 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
