Over the past week, Ethereum killer Solana (SOL) led the altcoin market rally with a 14% gain, while other top ten cryptocurrencies have delivered flat returns. At the time of writing, Solana (SOL) is trading 3.2% higher at a price of $21.83 and a market cap of $8.7 billion.
Veteran investor Raoul Pal has recently shared his highly optimistic view of Solana’s (SOL) price hike ahead. During his recent interview with InvestAnswers, Pal said Solana could pretty much follow in Ethereum’s footsteps after ETH bottomed out in 2018.
At the time, the ETH price rose a whopping 47 times. Pal says that even if Solana doesn’t replicate Ethereum’s performance, it could rise at least 20 times. He added:
“There is a potential, a possibility [of] a dream scenario that Solana does what ETH did from its 2018 low, which was a 47x. And thus [the] Solana low was $9, so you could count, the numbers are potentially very interesting – that it will be 20-something X for Solana from here.
He believes this estimate makes sense given Solana’s established protocol and remarkable growth in network and ecosystem activity.
If Pal’s positive prediction turns out to be correct, Solana’s price could potentially exceed $400 in the future. This would mark a significant increase from the previous all-time high of $259.96 reached in the previous bull market.
Solana sees strong inflow
As mentioned, Solana (SOL) has taken a strong position over the past week with a contrarian view of the broader crypto market. The current buying pressure in Solana is affecting the SOL price trajectory as it remains comfortably above the $20 support level.
There is no specific catalyst behind the current SOL price hike, but a few things to consider. A notable example is the collaboration between Coca-Cola in Serbia and Solana NFT platform SolSea. They have joined forces to offer non-fungible tokens (NFTs) at a music event. As part of this partnership, Coca-Cola will be providing 100 exclusive hoodies along with associated NFTs to select participants.
It will be interesting to see if SOL can continue its price trajectory.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Solana Price can go up another 20x from here, says Raoul Pal
was published first on https://coingape.com/veteran-investor-raoul-pal-predicts-a-20x-rally-in-solana-sol-price-possible/