Similar to numerous other cryptocurrencies currently in the market, Solana (SOL) is witnessing its own surge, with its value climbing to almost $125 within the past 24 hours. Notably, this surge appears to signify merely the initial stages of a potentially significant upward trend for the cryptocurrency. Analyst Hansolar has expressed optimism, forecasting a substantial surge for SOL throughout this bullish cycle.
SOL To Rise To $600
In a recent post on X (formerly Twitter), Hansolar shared insights suggesting that SOL is poised to surge to $600. This bullish target is underpinned by the notion that SOL could emerge as the new Ethereum (ETH) during this market cycle. According to the analyst, SOL’s ascent might occur later than that of Bitcoin (BTC) and Ethereum, drawing parallels to ETH’s trajectory during the previous bull run. In that cycle, ETH’s rally followed BTC’s surge to all-time highs (ATHs).
Hansolar posits that SOL’s upward momentum will be ignited by retail investors, who will perceive the cryptocurrency as a high-beta catch-up play. This suggests that SOL’s surge will likely coincide with heightened retail interest in the crypto market.
The analyst further supported the comparison between SOL and ETH by noting that SOL is currently trading around 50% below its ATH, reminiscent of ETH’s position relative to BTC’s ATH in the previous cycle. In addition to SOL’s potential, Hansolar provided ambitious price targets for Bitcoin and Ethereum, predicting that they will reach $150,000 and $10,000, respectively, during this bull cycle.
Interestingly, Hansolar’s conservative $600 price prediction for Solana contrasts with Crypto YouTuber Jake Gagain’s forecast of $750 for SOL. Gagain believes that SOL will achieve this price milestone by the following year, indicating even more bullish sentiment surrounding the cryptocurrency.
Between Solana And Ethereum
Crypto analyst Santiago Santos recently echoed sentiments akin to those expressed by Hansolar, drawing parallels between Solana and Ethereum. Santos observed that Solana is currently experiencing a phase similar to what Ethereum underwent during the ICO boom. However, Santos went a step further by suggesting that Solana’s performance would surpass Ethereum’s, citing its substantial usage and growth compared to Ethereum during that period.
Santos confidently asserted that Solana would achieve a convergence with Ethereum at a faster pace than commonly anticipated. Often hailed as the “Ethereum Killer,” Solana has been closely trailing Ethereum’s progress, and at times, even surpassing it in 7-day DEX (decentralized exchange) volume.
The significant surge in activity within Solana’s network is widely believed to be a driving force behind SOL’s price escalation, potentially propelling it to reach the $600 milestone and even $750, as predicted by Gagain.
As of the time of writing, SOL is trading at approximately $124, marking a notable increase of over 13% within the last 24 hours, according to data sourced from CoinMarketCap.
