Analyst Says SOL Will Hit 20% of ETH’s Market Cap in Next Bull Rally
- Youtuber says SOL would claim 20% of ETH’s market cap in the bull rally.
- SOL trades at $30.44, with a 10.54% cumulative increase in the previous seven days.
- Solan’s race to the previous all-time high would offer new investors an 825% return.
James Mullarney, a presenter at the InvestAnswers YouTube channel, believes (SOL) will claim at least 20% of (ETH)’s market cap in the bull rally of the coming months.
Mullarney argued that the Solana blockchain is as widely adopted as Ethereum in the developer community despite being only one-sixth of ETH’s market value. He shared a screenshot to prove a point that if top cryptos like (BTC) and ETH rally back to their all-time highs, SOL would appreciate significantly to deliver an 825%.
However, the presenter disclaimed that investing in SOL would cause more risk than buying BTC or ETH. He believes the market recovery would start with Bitcoin, then Ethereum; afterward, money would transfer from the runners to the runner-ups, which may be Solana.
The crypto community often refers to the Solana blockchain as the Ethereum killer. SOL is the sixth most significant cryptocurrency by market cap, excluding stablecoins, with a total value of nearly $11 billion. It currently trades at $30.44, with a 10.54% cumulative increase in the previous seven days.
Yesterday, crypto market intelligence firm Messari published a report highlighting Solana’s network and financial performance in the year’s fourth quarter.
1/ @solana has continued implementing solutions to expand its ecosystem and improve network reliability.Into Q4 and beyond, the team will continue to implement strategies to expand its ecosystem. pic.twitter.com/rX9DK3mhnr
— Messari (@MessariCrypto) October 27, 2022
It revealed that Unique Fee Payers and Unique Signer revenue are down by 25%, and average transaction fees dropped by 42%. However, its market cap has remained stable. Additionally, Messari’s report established Solana as one of the most valuable Layer-1 networks in the face of competition.
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