A preferred crypto strategist says that Solana (SOL) has the potential to go on an enormous rally and attain a brand new all-time excessive.
In a brand new video replace, the host of InvestAnswers tells his 444,000 YouTube subscribers that one option to gauge Solana’s present energy is to have a look at every day energetic utilization (DAU) amongst prime altcoins.
He says DAU is 572,500 for Ethereum (ETH), which is about 192,600 extra every day energetic customers than Solana’s 379,900. Solana’s DAU is above the DAU of different prime altcoins.
“If we have a look at the every day energetic customers of Solana versus Ethereum, you possibly can see Solana is down a bit, 379,900, a bit of bit increased than Polygon 359,500 and Ethereum 572,500, which is nice. However keep in mind, Polygon can run so much quicker than Ethereum, so why [aren’t] the transactions so much increased? As a result of there’s room for adoption. Cardano is in there at 49,800 which is sort of the identical as Close to Protocol [at 49,500]. Avalanche, 34,900 and Aptos 21,500. And that’s form of the lay of the land on the prime layer-1 chains.”
He subsequent seems to be at Solana’s market potential by evaluating its value if it shared the identical market cap as Cardano (ADA) and at completely different percentages of the market cap of Ethereum. He additionally seems to be at in the event that they attain their all-time excessive. He takes the outcomes and averages them to provide you with a doable worth for Solana at $52.61 and an all-time excessive value of $305.
“Assuming these different cash return to all-time highs and assuming that Solana continues on its development trajectory, then I imagine these are doable. And that is a mean of averages, which is a protected option to come at it. So, if we have a look at the matching Cardano market cap $29.61, 10% of ETH $42.74, 20% of ETH $85.48. The common of all three is $52.61. Is {that a} honest worth for SOL? Completely sure, I imagine that’s the case. However it has a black eye from the FTX fallout and every little thing else so it’s buying and selling at 1 / 4 of that worth proper now.
Now if we go to the all-time excessive and examine these $351.37, $188.21, $376.42 that offers us a mean of $305.33, which is greater than the Solana all-time excessive of $259. May Solana attain an all-time excessive and exceed it? I imagine it’s doable if the expansion continues, the adoption continues and there aren’t any extra issues to kick within the tooth as we go ahead.”
At time of writing, Solana is altering fingers at $13.87.
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