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A widely followed crypto analyst believes that Solana (SOL) will come close to its all-time highs once Ethereum (ETH) kicks off its bull market.
In a new strategy session, the host of InvestAnswers tells his 446,000 YouTube subscribers that Solana could go up to $250, an increase of more than 870% from its current price of $25.75.
According to the pseudonymous analyst, Solana’s rise will likely be triggered by Ethereum’s Cancun upgrade, which is expected to further elevate the leading smart contract platform’s scalability. The InvestAnswers host mentions a prediction made by Blofin, a crypto-financial services firm that sees Ethereum rising to $9,700 following the update.
“Per Blofin, they predict that after the Cancun upgrade of Ethereum, price could exceed $9,700 per ETH in the first quarter of 2024. And of course, that is their most optimistic case…
The next question is always, ‘Well if Ethereum goes to $9,700, what’s the price of Solana?’ I calculated it for you. It’s going to be at least $250 if ETH hits $9,700.
Remember $9,700 from where it is now is over a 5x and of course, Solana goes up faster than ETH will at that time.”
While the InvestAnswers host believes that Ethereum could rally to $9,700, he doesn’t see the surge happening in the coming months.
“Great to see $9,700 ETH. Maybe we’ll see in the bull run. I doubt we’ll see it in the first quarter of 2024, but perhaps early 2025.”
Looking at Bitcoin (BTC), the anonymous analyst reiterates his prediction that the flagship crypto asset will soar by over 40% from current levels by early next year.
“I did say many times a few months ago, I would not be surprised if we had a $42,000 Bitcoin target by somewhere between January and April of 2024.”
Bitcoin is trading at $29,804 at time of writing.
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