Solana (SOL) has surged by 5.1% in the last 24 hours and 9% over the previous week. Moreover, the token is up by over 58% in the monthly charts. SOL has emerged as one of the best-performing cryptocurrencies in 2023, surging by over 530% since January. The popular altcoin has overshadowed the likes of Bitcoin (BTC), which has risen by about 164% in the same time frame.
Furthermore, Solana’s (SOL) TVL (Total Value Locked) has exceeded the $655 million mark, surging by about 211% since January.
However, SOL’s rally might not be over just yet.
Solana (SOL) predicted to hit $453
According to cryptocurrency analyst InvestAnswers, SOL could reach 10% of Ethereum’s (ETH) market cap in the next bull run. If ETH hits $8,000, SOL could touch around $231. The price increase would translate to a growth of about 266% from current levels.
However, InvestAnswers also gives a more bullish outlook where Solana (SOL) could hit 20% of ETH’s market cap, taking SOL’s price to $453. The growth would translate to a price increase of over 615% from current levels.
InvestAnswers is not the only analyst bullish on SOL. ARK Invest CEO Cathie Wood has also supported the popular altcoin. OpenAI’s AI (Artificial Intelligence) chatbot, ChatGPT, also displayed bullishness for SOL, predicting the token to hit $500 in 2024.
Also Read: Solana: ChatGPT Predicts SOL to Rise 700% and Hit $500
Investment firm VanEck also paints a bullish picture for Solana (SOL). According to the firm’s analysts, SOL could hit a price of $3,211.28 by 2030. However, the company anticipates Ethereum (ETH) to reach $11,800 in the same time frame.
SOL has been especially rewarding in 2023 after its spectacular fall in November 2022 after the collapse of FTX. FTX founder Sam Bankman-Fried was an early supporter of SOL, and his exchange was one of its biggest holders.