In recent updates from the cryptocurrency market, a renowned crypto analyst predicts that Solana (SOL) is poised to experience a significant spike, nearing its record peaks, if Ethereum (ETH) initiates its expected bull run.
InvestAnswers, a popular YouTube channel with a substantial following of 446,000 subscribers, recently shared insights into the potential growth of Solana. The channel's host projects an astounding price of up to $250 for Solana, marking an increase of over 870% from its present valuation of $25.26.
This potential surge in Solana's value is anticipated to be set in motion by the imminent Cancun upgrade of Ethereum, which aims to enhance the premier smart contract platform’s scalability considerably. Elaborating on this correlation, the analyst referred to a forecast by Blofin, a prominent crypto-financial service provider. Blofin envisions Ethereum's valuation escalating to a staggering $9,700 after the said update.
The host of InvestAnswers explained, “Blofin predicts that post the Ethereum's Cancun upgrade, the price might surge beyond $9,700 per ETH by the first quarter of 2024. This is, of course, their most bullish scenario… Consequently, the domino effect on Solana's price due to this ETH growth can be deduced to be approximately $250.”
The argument hinges on the rapid growth rate of Solana relative to Ethereum. "Considering Ethereum’s potential 5x growth, Solana, with its inherent volatility, is expected to outpace ETH’s growth rate during that period,” added the analyst.
However, the InvestAnswers host was somewhat conservative about the timing of Ethereum's rally to $9,700, expressing skepticism about it occurring in the initial months of 2024. "While a $9,700 Ethereum is promising and likely in the next bull run, expecting it in the first quarter of 2024 might be premature. Early 2025 seems more plausible,” he opined.
Shifting his gaze to Bitcoin (BTC), the premier cryptocurrency, the anonymous expert reiterated his earlier forecast. He emphasized that Bitcoin might experience a growth of more than 40% from its current state by the early part of 2024. He recalled, “A few months back, I had predicted a potential $42,000 Bitcoin by somewhere between January and April 2024.”
At the time of these revelations, Bitcoin's market value stands at $29,830.
For crypto enthusiasts and investors, these predictions offer a glimpse into a potentially bullish future for major cryptocurrencies. However, it's vital to approach such forecasts with caution and conduct individual research before making investment decisions.