How High Would Solana Price Go if Bitcoin Hits $1M as Top Analysts Predict?

Solana price recovery has faced substantial resistance at $156 as the sentiment in the crypto market wanes. However, the long-term SOL price outlook is likely bullish as top analysts remain optimistic about Bitcoin.

Some analysts believe that BTC price will surge to over $1 million in the long term. Such a move would benefit Solana and top altcoins. This article explores the potential Solana price if Bitcoin hit $1 million.

Solana (SOL) Price Target if Bitcoin (BTC) Surges to $1 Million

As noted above, Bitcoin’s bullish momentum strengthening could serve as a tailwind for Solana’s price.  Here are a few prominent analysts who predict BTC could jump to $1 million or higher in the next five years:

• Cathie Wood of ARK Invest expects BTC to hit $2.4M by 2030.
• Arthur Hayes & Robert Kiyosaki are looking at $1M per BTC 2028
• On the other hand, BlackRock’s Larry Fink forecasts a conservative target of $700k per BTC in the long term.

While the targets for Bitcoin (BTC) are ambitious, it isn’t unlikely. As a result, Solana potentially outperforming BTC isn’t out of the realm of possibility in the long term. In fact, the chart below shows that Solana’s performance since 2023 has beaten Bitcoin’s by a factor of 2.3 despite the FTX setback.

If Bitcoin achieves the optimistic targets of $700k to $2.4m per BTC, it wouldn’t be a surprise to expect Solana to 10x from its current price and hit $1450. This would make Solana price forecast extremely bullish and would push SOL’s market cap to $750 billion, higher than Ethereum’s 2021 value.

Why Solana Could Outperform Bitcoin

• Institutional Adoption: Companies like Janover and Upexi are already accumulating SOL.
• Potential Spot ETF: JPMorgan estimates $6B in inflows if a Solana ETF is approved.
• Ecosystem Growth: SOL has outperformed BTC by 2.3x since January 2023, with faster transaction speeds and lower fees than Ethereum.

SOL Price Short-Term Forecast

Although a 10x estimate for Solana might seem ambitious, it will take a few years for SOL price to achieve this level. Meanwhile, let’s explore short-term bullish signals for this Ethereum competitor.

• Trading above 50-day & 25-day EMAs
• Forming a bullish flag pattern (indicating continuation)
• Potential inverse head & shoulders breakout

Key Levels to Watch:

• Upside Target: $200, which is a 40% rally away from the current price.
• Support Level: $112, a rejection from $156 could lead to a drop.

Final Verdict: Is Solana a Buy?

With Bitcoin’s bullish trajectory and Solana’s strong fundamentals, SOL could be one of the top altcoins to watch. If BTC hits $1M.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.