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Is Solana (SOL) Prepared to Skyrocket by 50x in 2024?

source-logo  beincrypto.com 05 January 2024 18:55, UTC

Analysts speculate on what Solana (SOL) has in store for 2024. Notably, one of the analysts believes that Solana will follow in Ethereum’s (ETH) footsteps and give around 50X returns.

Since the 2021 bull cycle, many have given the tag of Ethereum killer to Solana. Will the crypto give spectacular returns similar to ETH?

Will Solana Continue to Outperform Ethereum This Year?

Following the impressive rise of Solana since its bottom, many experts announced that the altcoin would overtake Ethereum.

If analyst Raoul Pal is to be believed, SOL could not only surpass Vitalik Buterin’s creation this year but also experience a spectacular rise. Pal compared the chart of ETH during its bull run in 2018 to the current price of Solana and pointed out similar elements.

He said:

So I just flip up the chart of ETH in 2018 and then put it against the chart of Solana, they are pretty much identical. ETH did 47X from that low.

Read more: Solana vs. Ethereum: An Ultimate Comparison

Thus, some believe that the altcoin can surge up to 50X, as ETH did post-2018 lows. A hypothesis that is also taken up by other traders who foresee an unprecedented influx of capital into the project.

To justify their opinion, the experts all agree on the same thing: if Ethereum offers many options for creating a project, Solana shines with its closed system, which knows how to build loyalty in its community. Moreover, it has cheaper gas fees compared to the second-largest crypto asset.

Crypto investor Marc Colcer posted on X (Twitter):

Everyone wants their bags, their NFTs, their memecoins, etc to go up in price

It’s easy to support when price is moving up, it’s harder when you’re down 50%

But the communities that don’t give up will always be the most successful

Look at the Solana community as an example, never gave up and look how the last year went

A community that works together and pushes forward, regardless of price movement creates an actual movement. Hard to stop that

Not to mention, there are expectations of a Bitcoin bull run. An altcoin season also follows up as Bitcoin rises. Compared to its bottom, SOL has already surged nearly 15x.

However, some also believe that the milestone is difficult to achieve due to the inflation of SOL tokens. In 2021, when Solana was at its all-time high, its market capitalization was over $75 billion. However, now, it would need a market capitalization of approximately $111 billion to hit an all-time high of $260.

As of writing, Solana is trading at $99.43, down by 1.06% in the past 24 hours.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

Solana (SOL) Price. Source: BeInCrypto