A popular crypto strategist is analyzing Solana’s (SOL) potential price path in relation to Bitcoin’s (BTC) possible explosion during the next bull market.
In a new YouTube video, the anonymous host of InvestAnswers unveils to his 444,000 subscribers a strategy for predicting Solana’s value in the future.
According to the anonymous crypto analyst, his Solana price prediction methodology first involves looking at Bitcoin’s possible future value to come up with a price target for Ethereum (ETH).
“What I did was I compared the Bitcoin price to the Ethereum dominance in the future, which I believe will be at least 25%, and that will bring us to an Ethereum price, hypothetically, of $15,450 if Bitcoin goes to $158,000. If Bitcoin doesn’t go to $158,000, that $15,000 price target for Ethereum goes away. And that is a function of the scarcity, the deflationary nature of ETH in proof of stake, etc., etc.”
A 25% ETH dominance indicates that Ethereum makes up a quarter of the total crypto market cap.
After deriving the potential future price of Ethereum, the crypto analyst says he can now come up with two price targets for Solana.
“Now there are two variations for the Solana price: one is 10% of ETH dominance, and the second one is 20% of ETH dominance.”
The crypto strategist says that if Solana is at 10% ETH dominance, he thinks it could surge to $370 in this hypothetical situation, a more than 1,000% increase from its current price.
If Solana achieves 20% ETH dominance, the analyst thinks it could skyrocket to $739, a more than 2,100% increase.
SOL is trading at $32.78 at time of writing. The ninth-ranked crypto asset by market cap is up more than 4.6% in the past 24 hours.
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Source: https://dailyhodl.com/2022/09/20/analyst-says-solana-sol-has-potential-for-explosive-gains-next-bull-run-here-are-his-price-targets/