In a recent strategy session, a renowned crypto analyst predicted that Solana (SOL), a rapidly growing cryptocurrency, is poised to approach all-time highs fueled by the anticipated bull market of Ethereum. With the scalability of the leading altcoin Ethereum going to increase significantly with the Cancun update, the analyst believes Solana could rise to $250, an impressive 870 percent increase from its current price of $25.75. Here are the details…
Blofin drew attention to this altcoin project
The host of the popular YouTube channel InvestAnswers, which has more than 446,000 subscribers, pointed to an estimate from Blofin, a leading crypto-financial services firm. According to Blofin’s prediction, Ethereum’s value could skyrocket to $9,700 after the Cancun upgrade, which is scheduled to take place in the first quarter of 2024. The InvestAnswers server remains optimistic about Ethereum’s potential. However, he does not expect the increase to occur in the coming months. He suggests early 2025 as a more likely timeline. The analyst says:
According to Blofin, they predict that after Ethereum’s Cancun upgrade, the price could exceed $9,700 per ETH in the first quarter of 2024. Of course this is their most optimistic situation… The next question is always, ‘Well, if Ethereum hits $9,700, what will be the price of Solana? I calculated for you. If ETH reaches $9,700, it will be at least $250. Note that $9,700 is more than 5x from where it is now and of course Solana will rise faster than ETH then.
There are also Bitcoin predictions
Often known as a potential “Ethereum killer,” Solana has seen rapid growth in popularity and adoption due to its high transaction speed and low fees. As Ethereum tries to increase its scalability with the Cancun update, many investors are turning their attention to alternative platforms like Solana. He sees them as viable options for decentralized apps and smart contracts. The predicted rise in Solana’s price is not an isolated case. The anonymous analyst also repeated his previous prediction for Bitcoin (BTC). In previous months, he had claimed that the flagship cryptocurrency would experience a significant rise and reach its target of $42,000 by early 2024.
“As I said many times a few months ago, I wouldn’t be surprised if we have a Bitcoin target of $42,000 between January and April of 2024,” the analyst confirmed. At the time of this writing, Bitcoin is trading at $29,804. If the analyst’s prediction turns out to be correct, this would mean a significant 40 percent increase in value by early next year, positioning Bitcoin for a potential bull run.
