Cryptocurrency Expert Forecasts Solana (SOL) Surge to $600 in Bull Market Cycle

11:25 pm
February 29, 2024
Featured image for “Cryptocurrency Expert Forecasts Solana (SOL) Surge to $600 in Bull Market Cycle”

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.


Share:

More in this category ...

7:31 pm April 20, 2024

Fourth Bitcoin Halving Completed – Here Are The Implications

Featured image for “Fourth Bitcoin Halving Completed – Here Are The Implications”
7:29 pm April 20, 2024

TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun

Featured image for “TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun”
2:42 pm April 20, 2024

Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence 

Featured image for “Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence ”
12:15 pm April 20, 2024

Telegram to tokenize emojis and stickers as NFTs on TON blockchain

Featured image for “Telegram to tokenize emojis and stickers as NFTs on TON blockchain”
7:31 am April 20, 2024

Relay Chain Replacement And 10M DOT Prize Incentive

Featured image for “Relay Chain Replacement And 10M DOT Prize Incentive”
5:03 am April 20, 2024

Hedgey Protocol loses $44.7M in twin cyber assaults

Featured image for “Hedgey Protocol loses $44.7M in twin cyber assaults”
3:03 am April 20, 2024

The adventure to a mature asset control machine

Featured image for “The adventure to a mature asset control machine”
7:28 pm April 19, 2024

320 Million USDT Inflow Could Ignite Price Surge

Featured image for “320 Million USDT Inflow Could Ignite Price Surge”
3:24 pm April 19, 2024

Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology

Featured image for “Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology”
2:39 pm April 19, 2024

JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs

Featured image for “JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs”
7:30 am April 19, 2024

BNB Price May Have Another Chance For A Bullish Streak: Here’s How

Featured image for “BNB Price May Have Another Chance For A Bullish Streak: Here’s How”
3:44 am April 19, 2024

Getting in a position for synthetic common intelligence with examples

Featured image for “Getting in a position for synthetic common intelligence with examples”
12:15 am April 19, 2024

Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets

Featured image for “Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets”
7:29 pm April 18, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
4:05 pm April 18, 2024

Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch

Featured image for “Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch”
9:51 am April 18, 2024

NEAR Protocol positive aspects as KangaMoon approaches presale shut

Featured image for “NEAR Protocol positive aspects as KangaMoon approaches presale shut”
7:31 am April 18, 2024

LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

Featured image for “LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level”
4:25 am April 18, 2024

Understanding glue data and Dedicated DNS

Featured image for “Understanding glue data and Dedicated DNS”
2:39 am April 18, 2024

Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain”

Featured image for “Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain””
7:34 pm April 17, 2024

Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report

Featured image for “Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report”
7:27 pm April 17, 2024

SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?

Featured image for “SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?”
4:46 pm April 17, 2024

Using dig +hint to know DNS solution from begin to end

Featured image for “Using dig +hint to know DNS solution from begin to end”
12:15 pm April 17, 2024

Puffer Finance raises $18 million in new investment spherical

Featured image for “Puffer Finance raises $18 million in new investment spherical”
7:37 am April 17, 2024

XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch

Featured image for “XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch”
5:06 am April 17, 2024

IBM and TechD companion to safely percentage knowledge and gear insights with gen AI

Featured image for “IBM and TechD companion to safely percentage knowledge and gear insights with gen AI”
5:03 am April 17, 2024

WOO unveils innovation hub thinking about Bitcoin’s ecosystem

Featured image for “WOO unveils innovation hub thinking about Bitcoin’s ecosystem”
9:51 pm April 16, 2024

OKX launches public mainnet for its ZK-powered L2 community “X Layer”

Featured image for “OKX launches public mainnet for its ZK-powered L2 community “X Layer””
7:40 pm April 16, 2024

Arkham Releases Top 5 Crypto Rich List

Featured image for “Arkham Releases Top 5 Crypto Rich List”
5:27 pm April 16, 2024

Ankr and Brevis coChain associate to reinforce web3 networks with ZK

Featured image for “Ankr and Brevis coChain associate to reinforce web3 networks with ZK”
5:48 am April 16, 2024

4 techniques generative Machine Intelligence addresses production demanding situations

Featured image for “4 techniques generative Machine Intelligence addresses production demanding situations”