Solana’s Dominance Signals Massive Gains, According to Analyst
A popular crypto analyst suggests that Solana (SOL) could continue its upward trajectory, potentially reaching three figures based on a key metric indicating considerable growth.
Speaking to his 452,000 YouTube subscribers, the host of InvestAnswers points to the increasing dominance of Solana, which is a measure of its market cap compared to the entire crypto market. The dominance just reached 2%, reaching a historically significant level and indicating growing interest in the project.
The analyst’s chart shows that when SOL.D hit 2% in the past, Solana’s price surged significantly. SOL.D hit 2% in September, October 2021, and March 2022, signifying price spikes in each instance.
As a result, the analyst predicts that Solana could reach as high as $290, with a bear case of $151. Despite the current price being lower, the potential for a significant rise remains based on the historic dominance level. Solana began the year at $9.99 and is currently trading for $59.37.
Hot Take: Solana Set to Soar
A recent surge in Solana’s dominance indicates a potential major rally for the Ethereum competitor, with an analyst predicting a significant increase in its value. This historical trend coupled with the strength of Solana’s metrics suggests the possibility of three-figure gains for the cryptocurrency, making it an enticing prospect for investors looking to capitalize on the current market conditions and technological advancements. Keep a close eye on Solana as its dominance increases, potentially indicating a massive increase in value.
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