A Crypto Analyst Predicts Massive Growth for Solana-Based Altcoin
A popular crypto analyst has shared a bullish outlook on the native token of a blockchain oracle network that recently launched its permissionless mainnet. In a video, the anonymous host of the InvestAnswers channel expresses optimism about Pyth Network (PYTH) based on its potential market cap share relative to competitor Chainlink (LINK).
The analyst predicts that if PYTH’s market cap share surpasses 20% of Chainlink’s, the altcoin could surge by 188% from its current level. The price target for PYTH ranges from $1.48 to $10.74, depending on different scenarios and market cap comparisons.
However, PYTH is currently trading at $0.514, meaning it would need to rise by approximately 880% to reach the analyst’s price target. Chainlink’s market cap is currently under $8 billion, while Pyth Network’s sits at nearly $813 million.
Market Performance Depends on Chainlink and Competition
The InvestAnswers host emphasizes that whether PYTH achieves its price targets ultimately depends on how well Chainlink performs and how effectively Pyth Network competes in the market.
It remains to be seen whether PYTH can achieve such significant growth, but the analyst’s bullish sentiment stems from the altcoin’s potential and its relationship with Chainlink.
Hot Take: A Promising Future for Pyth Network
While it may seem ambitious for Pyth Network to experience an over 880% surge in just two years, the optimistic outlook from the InvestAnswers host highlights the potential of this Solana-based altcoin. With its recent launch of a permissionless mainnet and a competitive market cap relative to Chainlink, PYTH could indeed have a bright future ahead. However, as with any investment, it’s crucial to consider market conditions and the performance of competing projects.
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