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On October 23, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, explained why he is so bullish on Ethereum rival Solana ($SOL).
Here is how Coinbase described Solana in a blog post published on 29 June 2022:
“Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization, and is one of the largest proof of stake blockchains by market cap.
“Solana aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more. When users stake their crypto, they make the underlying blockchain of that asset more secure and more efficient. And in exchange, they are rewarded with additional assets from the network, which are paid out as rewards.“
According to a report by The Daily Hodl, In a YouTube video released on 23 October 2022, the InvestAnswers host had this to say about Solana:
“I believe considering that Solana trades at less than 1/16th of the market cap of Ethereum, but it’s as widely adopted and does a lot of transactions, I think it’s a screaming value, and I do believe it’ll at least go to 20% of ETH’s market cap in the very near future.
“And as the market rebounds, I believe Bitcoin (BTC) will rebound first, Ethereum second, and then once these things run, the money will transfer from the runners to the ones that haven’t run yet. And that’ll be Solana ,and then that could go very high and that would be 825% return. So basically you’re only making 3X the money investing in Solana than you are with Ethereum, but it’s riskier. And that’s where we are.
“Does it have a chance of going back to its all-time high of $260-plus? The answer is, I believe so. If they continue to execute, if they get out of mainnet beta, if they have no more outages, solve all their problems, the adoption should continue. But there is competition. And we do have new names sucking the oxygen out of the room like Aptos (APT), which I believe is part of the reason for the weakness in the layer-1s last week, the so-called ‘SOL killer.’“
In a previous video released on 18 September 2022, Mullarney explained how he sees $SOL reaching $370:
“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...
“Now there are two variations for the Solana price: one is 10% of ETH dominance, and the second one is 20% of ETH dominance.“According to Mullarney, if $SOL reaches 10% of $ETH dominance, then that means the $SOL price could reach $370.
On October 15, crypto analyst and influencer “Altcoin Sherpa” told his over $184K Twitter followers that if they manage to buy $SOL when it gets to below $20 and HODL it for two years, they should see $SOL at least 10X:
$SOL: I think range lows are coming. Anything sub $20 seems like a bargain / buy it and throw it in a cold wallet for 2 years and come back to see it 10x+. #Solana pic.twitter.com/Rc1bTw7KV1
— Altcoin Sherpa (@AltcoinSherpa) October 15, 2022
On 9 September 2022, former Goldman Sachs executive Raoul Pal explained why he is bullish on $SOL.
Prior to founding macro economic and investment strategy research service Global Macro Investor (GMI) in 2005, Pal co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called “Man GLG”). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of finance and business video channel Real Vision, which he co-founded in 2014.
According to a report by The Daily Hodl, on 9 September 2022, during an “Ask Me Anything” session streamed live on the “Real Vision Crypto” YouTube channel, Pal had this to say about Ethereum and Solana:
“As adoption keeps building, a lot of adoption spills outside of ETH into the Solana, Avalanche, and a bunch of other protocols as well. So I think we’re going to see ETH lead the charge, and then we’ll see this tail of stuff starting to come as we start a new bull market and generally things work that way...
“I think a lot of these layer ones this time around will be like ETH in the last cycle. They’ll end up becoming very large dominant chains. Which ones? I don’t really know. My bet is really on Solana, but it could be any of these… Solana, I’ve got more allocated towards that, than I have some of the others, but I’m watching them and waiting to see.“
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