KEY POINTS
- SOL could saw an increase in its market dominance between 12% and 15%
- “Solana could triple or quadruple it’s all-time high market dominance around 12-15% and if it continues to trend against Bitcoin, could easily see a $1,000 per coin,” said the analyst
- SOL was trading in the red zone at $57.83 as of 6:15 a.m. ET on Monday
Solana saw a significant surge in its value when it skyrocketed by 40% and propelled the crypto asset to hit a new all-time high price of around $58 this year. However, a crypto analyst believes the rally might not stop yet, as the price could surge to $1,000.
Solana, which was once regarded as the “Ethereum killer” after suffering from a multi-million hack and being dragged by the controversial collapse of the then crypto empire FTX in 2022, saw its price plummet to an extreme low.
Several cryptocurrency exchanges also delisted SOL from their platforms after the U.S. Securities and Exchange Commission (SEC) deemed the crypto asset as a security.
There is also a threat that FTX would dump all of its SOL tokens at once, which could impact its value.
But, Solana proved redemption was possible, albeit rough and difficult.
Crypto trader and analyst, who uses the X handle @JacobCanfield, in a recent tweet shared his analysis of Solana, predicting it could not only increase its market dominance between 12% and 15%, but also its price to as high as $1,000.
Based on his analysis of various indicators, the crypto analyst said Solana could enter a parabolic rally phase given the current trends and SOLBTC breakout from weekly resistance.
“Solana could triple or quadruple it’s all-time high market dominance around 12-15% and if it continues to trend against Bitcoin, could easily see a $1,000 per coin and take the #2 spot behind Bitcoin,” Canfield said, while pointing out Solana’s partnership with Amazon, Circle and Google that could pave the way for adoption.
“They also have partnerships with Google & Circle & Amazon, so there is a lot of potential adoption that may happen this time around,” the analyst noted, before adding, “This is why it’s very important to look into the ecosystem as I mentioned in early October and find projects that are similar to Ethereum projects that have large market caps.”
In my opinion, I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle and I’m going to lay out some ideas for you.
It’s possible that with the Ethereum ETF news that some of these ideas don’t play out, but it’s worth… pic.twitter.com/oii8vWs0W9
— Jacob Canfield (@JacobCanfield) November 9, 2023
The surge in the value of Solana was cut short as it was trading in the red zone at $57.83 as of 6:15 a.m. ET on Monday with a 24-hour trading volume down by 48.30% at $2,405,279,060, representing a 3.63% decrease over the past 24 hours and a 43.9% increase over the last seven days.
Based on the latest data from CoinMarketCap, SOL’s total circulating supply stands at 422,164,915 SOL with its value down by 3.79% at a $24,408,563,726 market cap.
