Solana price has carved out a substantial portion of the total crypto market cap. Known for its high transaction speed and low fees, Solana attracted meme coin creators and subsequently earned the nickname ‘home of meme coins.’ Investors are keen to explore the Solana ecosystem, especially since it rose from lows of sub-$20 back to above $150 in September 2024. Dubbed the Ethereum killer, Solana has grown by over 680% in the last year. But what would SOL price be if it were to take on Ethereum market cap?
Solana Price if ADA Captures Total Ethereum Market Cap
Ethereum, with a market cap of $314 billion, is the second-largest cryptocurrency by market cap. Solana, on the other hand, with a market cap of $73 billion, possesses the potential to challenge Ethereum’s dominance.
If it were to capture Ether’s market cap, Solana price would experience a dramatic but not unexpected increase.
To match Ethereum’s market cap, the price of Solana would increase to about $670, which represents a 335% increase from the current price.
Given the current SOL price of $154 and its circulating supply, achieving Ethereum’s market cap would propel the Solana price to approximately $670. This represents a significant 535% increase from its current trading value.
What Could Cause SOL Price to Surge 535%?
Solana has long been dubbed the Ethereum Killer, and it has never been as close to embodying this title as it was in 2024. Several factors could cause Solana’s price to rise by 4.35X and surpass Ethereum’s.
- High Transaction Speeds: Solana’s ability to process transactions rapidly makes it an attractive platform for developers and users seeking efficiency.
- Low Fees: Solana’s transaction fees are a fraction of Ethereum’s, making it a cost-effective choice for decentralized applications (dApps) and protocols.
- Meme Coin Frenzy: The recent surge in meme coin popularity could further boost Solana’s ecosystem, attracting more projects and investors to the platform.
- ETF Approval Potential: Although Solana recently missed its own ETF approval when the SEC rejected applications from VanEck and 21Shares, the approval of a spot Solana ETF in the future could significantly drive up SOL’s price, potentially surpassing Ethereum’s market cap.
- Increasing Total Value Locked (TVL): Data from DeFiLlama indicates that the total value locked in the Solana blockchain has increased by 3.58% year-to-date, compared to Ethereum’s 0.9% increase in the same period.
Due to these reasons, the total value locked in the Solana blockchain has increased by 3.58% year-to-date, according to data from DeFiLlama. Ethereum’s TVL has increased by 0.9% in the same duration.
Will Solana Price Reach $670?
Solana price has demonstrated impressive growth over the past years. In 2024 alone, SOL price surged by 891%, climbing from $19.59 to $155.
This meteoric rise showcases Solana’s resilience and potential within the volatile crypto market. Additionally, Solana has formed a significant bullish pennant pattern, suggesting a possible breakout that could propel SOL to $350. From there, entering price discovery territory, Solana could feasibly reach the $670 mark with a 91% increase—a realistic scenario within the dynamic crypto landscape.
Comparing Solana’s performance in 2023 and 2024, the platform has shown consistent growth and the capability to recover from market lows swiftly. Recent analysis from experts has posited ambitious price targets for Solana. A recent SOL price analysis suggests SOL could hit $400, outlining the technical and fundamental strengths of Solana that could drive such exponential growth. This reinforces the argument that a 535% surge is within the realm of possibility.
Solana price prediction shows that while it has the potential to surge, it may face competition from other crypto assets striving to beat Ethereum.
Frequently Asked Questions (FAQs)
Solana is recognized for its high transaction speed and low fees, making it an attractive platform for developers and users. It has gained popularity as the “home of meme coins” due to its appeal among meme coin creators.
Ethereum has a market cap of $314 billion, making it the second-largest cryptocurrency by market cap.
While the prospect of Solana reaching $670 is exciting for investors, it faces competition from other cryptocurrencies. Solana has shown significant growth in 2024, increasing by 891% from $19.59 to $155. Additionally, technical analysis suggests that if Solana’s price breaks out of a bullish pennant pattern, it could reach $350 and then continue to climb toward $670.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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.
Source: https://coingape.com/markets/heres-the-solana-price-if-it-captures-total-ethereum-market-cap/
✓ Share: