{"id":629863,"date":"2024-07-16T00:00:32","date_gmt":"2024-07-16T00:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=629863"},"modified":"2024-07-15T15:36:19","modified_gmt":"2024-07-15T15:36:19","slug":"bullish-solana-forecast-expert-sees-sol-reaching-50-of-eths-market-cap-this-cycle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/bullish-solana-forecast-expert-sees-sol-reaching-50-of-eths-market-cap-this-cycle\/","title":{"rendered":"Bullish Solana Forecast: Expert Sees SOL Reaching 50% Of ETH’s Market Cap This Cycle"},"content":{"rendered":"

Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin’s (BTC) <\/span>rebound towards the $63,000<\/span><\/a> mark for the first time in over a week.\u00a0<\/span><\/p>\n

SOL\u2019s price has successfully recovered from the losses of the past few months, surpassing the $150 level and overcoming key resistance walls, coupled with an optimistic statement from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting similar fractal patterns reminiscent of the third quarter of 2021, potentially leading to explosive gains.<\/span><\/p>\n

More Gains Ahead For SOL<\/span><\/h2>\n

In a <\/span>social media post<\/span><\/a> on Sunday, Cheung expressed his bullish perspective on SOL\u2019s price action as the token closed the past week on a bullish note, also drawing comparisons to the third quarter of 2021, from which SOL\u2019s price began its rise from a low of $27 at the end of July that year, eventually reaching its current all-time high of $259 in November 2021.\u00a0<\/span><\/p>\n

Cheung also drew parallels to the fourth quarter of 2020, highlighting that in both cases, the most significant returns are just around the corner, suggesting that further <\/span>price gains<\/span><\/a> are on the cards in the last half of the year, as was the case in 2021.<\/span><\/p>\n

Related Reading: Bitcoin Price Surges Past $63,000: The Key Reasons<\/a><\/div>\n

Cheung further emphasized that Solana is expected to remain a hub for on-chain activity throughout the rest of this market cycle due to its accessibility to retail investors, making it an appealing asset.\u00a0<\/span><\/p>\n

The potential introduction of a Solana <\/span>exchange-traded fund <\/span><\/a>(ETF), which is anticipated to have a substantial impact on SOL’s price, coupled with the increasing probability of Trump’s re-election, serves as additional fuel for the Solana ecosystem, Syncracy Capital\u2019s co-founder stated.\u00a0<\/span><\/p>\n

Solana Market Cap Projection<\/span><\/h2>\n

In an interesting observation, Daniel Cheung also stated that he believes the Solana ecosystem can ” likely” reach 50% of Ethereum’s market capitalization this cycle as optimism around the blockchain grows.\u00a0<\/span><\/p>\n

Currently, Solana boasts a market cap of $71 billion, significantly lower than Ethereum’s $403 billion. Still, according to Cheung’s analysis, if SOL were to reach 50% of <\/span>Ethereum’s market cap<\/span><\/a>, its market capitalization would reach a staggering $280 billion, triggering an exponential rise in SOL’s price and pushing it to new all-time highs.<\/span><\/p>\n

Related Reading: XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts \u2018God Candles\u2019 Ahead<\/a><\/div>\n

It remains to be seen whether this latter scenario will play out, with expectations of a more favorable regulatory framework in the US, with the potential for new legislation for the industry with a Trump victory in the November election and the potential approval of the anticipated Solana <\/span>ETF market<\/span><\/a>.\u00a0<\/span><\/p>\n

Nonetheless, Solana is trading at $152 at the time of writing, up over 6% in the 24-hour time frame and a significant 438% year-to-date.\u00a0<\/span><\/p>\n

\"Solana\"
The daily chart shows SOL’s price trending upwards. Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL), the fifth largest cryptocurrency in the industry, saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin’s (BTC) rebound towards the $63,000 mark for the first time in over a week.\u00a0 SOL\u2019s price has successfully recovered from the losses of the past few months, surpassing the $150 level and overcoming key resistance walls, coupled with an optimistic statement from Daniel Cheung, co-founder of the hedge fund Syncracy Capital, who believes that SOL is exhibiting similar fractal patterns reminiscent of the third quarter of 2021, potentially leading to explosive gains. More Gains Ahead For SOL In a social media post on Sunday, Cheung expressed his bullish perspective on SOL\u2019s price action as the token closed the past week on a bullish note, also drawing comparisons to the third quarter of 2021, from which SOL\u2019s price began its rise from a low of $27 at the end of July that year, eventually reaching its current all-time high of $259 in November 2021.\u00a0 Cheung also drew parallels to the fourth quarter of 2020, highlighting that in both cases, the most significant returns are just around the corner, suggesting that further price gains are on the cards in the last half of the year, as was the case in 2021. Related Reading: Bitcoin Price Surges Past $63,000: The Key Reasons Cheung further emphasized that Solana is expected to remain a hub for on-chain activity throughout the rest of this market cycle due to its accessibility to retail investors, making it an appealing asset.\u00a0 The potential introduction of a Solana exchange-traded fund (ETF), which is anticipated to have a substantial impact on SOL’s price, coupled with the increasing probability of Trump’s re-election, serves as additional fuel for the Solana ecosystem, Syncracy Capital\u2019s co-founder stated.\u00a0 Solana Market Cap Projection In an interesting observation, Daniel Cheung also stated that he believes the Solana ecosystem can ” likely” reach 50% of Ethereum’s market capitalization this cycle as optimism around the blockchain grows.\u00a0 Currently, Solana boasts a market cap of $71 billion, significantly lower than Ethereum’s $403 billion. Still, according to Cheung’s analysis, if SOL were to reach 50% of Ethereum’s market cap, its market capitalization would reach a staggering $280 billion, triggering an exponential rise in SOL’s price and pushing it to new all-time highs. Related Reading: XRP Price Confirms Bullish Reversal: Crypto Analyst Forecasts \u2018God Candles\u2019 Ahead It remains to be seen whether this latter scenario will play out, with expectations of a more favorable regulatory framework in the US, with the potential for new legislation for the industry with a Trump victory in the November election and the potential approval of the anticipated Solana ETF market.\u00a0 Nonetheless, Solana is trading at $152 at the time of writing, up over 6% in the 24-hour time frame and a significant 438% year-to-date.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":624336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,14690,91046,83626,86515,92246,84595,89405,85361,90228,86410,83627],"class_list":["post-629863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-news","tag-ethereum-vs-solana","tag-solana","tag-solana-sol","tag-solana-analysis","tag-solana-blockchain","tag-solana-news","tag-solana-price","tag-solana-price-analysis","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nBullish Solana Forecast: Expert Sees SOL Reaching 50% Of ETH's Market Cap This Cycle<\/title>\n<meta name=\"description\" content=\"Solana (SOL) saw a notable resurgence over the weekend, in line with the broader market rally and Bitcoin's 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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