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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana Dominating Ethereum: SOL Analyst Now Targets $1,000

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Solana (SOL) Bulls Stay in Control

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Created by industry experts and meticulously reviewed
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Following Bitcoin and other altcoins like Ethereum, Solana is edging higher, clawing its way back after sharp losses in June. Even though the buyers are yet to reclaim the $155 support level, the expansion over the last few days has seen the coin add 25% after plunging in early July.

Is SOL Preparing For $1,000?

These encouraging gains over the last few days have seen traders project major gains in the coming days and weeks. Taking to X, one analyst said the coin would easily be more than 6X from spot rates, rallying to as high as $1,000 in the next bull cycle.

SOL prices to rally in next cycle | Source: @CryptoFaibik via X
SOL prices to rally in next cycle | Source: @CryptoFaibik via X

As things stand, it is evident that SOL is already in an uptrend. At the depth of the bear run in 2022, the collapse of FTX and Alameda Research saw SOL plunge to as low as $8. The coin rallied over the last few months, especially from H2 2023, reaching $210 in March 2023.

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Nonetheless, the cool-off of the past three months hasn’t canceled out the primary uptrend. If anything, buyers are still in the driving seat, and even with recent losses, SOL is still up roughly 8X from October 2023.

Solana price trending higher on the daily chart | Source: SOLUSDT on Binance, TradingView
Solana price trending higher on the daily chart | Source: SOLUSDT on Binance, TradingView

Several factors could propel Solana higher, even above the $220 recorded in the last bull cycle of 2021. A big part of this will be driven by the spike in adoption and the rise of Solana as the third most valuable smart contracts platform, only tracking Ethereum and the BNB Chain.

As the home of meme coins, Solana is emerging as a choice platform for developers and traders. Most point to its high scalability and low transaction fees.

At the same time, because there is no need to use off-chain solutions, some argue that Solana could be more secure than Ethereum layer-2 platforms like Base.

Solana Dominating Ethereum, Spot ETF Hopes

The spike in meme coins has pushed Solana’s on-chain activity higher, reading from the swelling DEX volumes.

DeFiLlama data shows that Solana dominates Ethereum in daily and monthly DEX volume. On average, these DEXes process over $13 billion every week.

Solana DEX volume rising | Source: DeFiLllama
Solana DEX volume rising | Source: DeFiLllama

If meme coin prices recover, exceeding the $65 billion peak registered in the last few months, reading from CoinMarketCap data, Solana will likely stretch Ethereum, cementing its position. Like BOME, WIF, BONK, and other Solana meme coins are among the most active and valuable.

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XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts ‘God Candles’ Ahead

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Even though the United States Securities and Exchange Commission (SEC) previously alleged that SOL is an unregistered security, some changes could challenge this preview.

Recently, VanEck and 21Shares applied with the regulator to approve spot Solana exchange-traded funds (ETFs). The application is still in the early stages, but the final decision will be made before the end of Q1 2025.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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