In the wake of a general upward trend in the cryptocurrency market, Solana (SOL) has seen a notable surge, climbing to almost $125 within a 24-hour period. Analyst Hansolar believes this uptick is just the tip of the iceberg for this digital asset, predicting significant growth for SOL in the ongoing bull cycle.

Prediction: SOL Set to Reach $600

Hansolar, in a recent post on X, hinted that SOL could soar to $600. This optimistic forecast is based on the theory that SOL might emulate Ethereum’s performance in the current market cycle. The analyst anticipates SOL’s surge to lag behind that of BTC and ETH, similar to what was observed with ETH following BTC’s previous all-time highs.

According to Hansolar, SOL might not experience a substantial surge until BTC and ETH hit new ATHs, attributing the future rise of SOL to retail investors who are likely to view the token as an appealing proposition for high-beta catch-up investments.

Adding to his analysis, Hansolar compared SOL’s current standing—around 50% below its ATH—to ETH’s position in the previous market cycle when BTC was nearing its ATH. Additionally, Hansolar set ambitious price targets for Bitcoin and Ethereum at $150,000 and $10,000, respectively, within the current bull cycle.

Interestingly, while Hansolar predicts a $600 price target for Solana, this estimate appears rather conservative when compared to Crypto YouTuber Jake Gagain’s forecast of $750 for SOL by next year.

Comparing Solana with Ethereum

Crypto analyst Santiago Santos has echoed views similar to Hansolar’s by drawing parallels between Solana and Ethereum, highlighting SOL’s current trajectory resembling that of Ethereum during the ICO boom. Santos anticipates that Solana will outperform Ethereum due to its substantial usage and growth, contrasting with Ethereum’s situation during that period.

Santos further predicts that Solana will merge with Ethereum at a faster pace than commonly anticipated. Referred to as the “Ethereum Killer,” Solana has been closely trailing Ethereum, even surpassing it in 7-day DEX volume recently.

The significant surge in Solana’s network activity is speculated to be a driving factor behind SOL’s price rise, potentially propelling it to reach the $600 benchmark and even the $750 level as predicted by Gagain.

As of the latest data, SOL is trading around $124, marking a more than 13% increase over the past 24 hours according to data from CoinMarketCap.

Disclaimer: The information in this article is for educational purposes only. This does not constitute financial advice from NewsBTC; viewers are encouraged to conduct their own research before making investment decisions.

SOL price at $128 | Source: SOLUSD on Tradingview.com

Featured image from U.Today, chart from Tradingview.com

FAQs

1. What is the basis for the prediction of a $600 price target for Solana (SOL)?

The prediction is made by analyst Hansolar, who believes that Solana could mirror Ethereum’s previous performance in the current market cycle, with SOL potentially rising to $600.

2. How does Solana (SOL) compare to Ethereum in terms of growth and potential?

Analysts suggest that Solana is experiencing a growth trajectory reminiscent of Ethereum during the ICO boom, and it is anticipated to outperform Ethereum due to its increasing usage and growth rate.

3. What factors are driving Solana’s price surge towards the $600 mark?

The surge in Solana’s network activity is considered a significant factor contributing to the rise in SOL’s price, along with increasing investor interest in the cryptocurrency market.