James Mullarney, the host of InvestAnswers, says that Solana (CRYPTO: SOL) could come close to its all-time high once Ethereum (CRYPTO: ETH) kicks off its bull market.
In a YouTube video, Mullarney said that Solana could go up to $250, an increase of more than 870% from its current price of $25.75.
According to the analyst, Solana’s potential surge is expected to be prompted by Ethereum‘s Cancun upgrade, which is poised to enhance the scalability of the leading innovative contract platform.
Mullarney refered to a forecast by Blofin, a crypto-financial services firm, predicting that Ethereum could rise to $9,700 after the update.
“Per Blofin, they predict that after the Cancun upgrade of Ethereum, the price could exceed $9,700 per ETH in the first quarter of 2024. And of course, that is their most optimistic case,” Mullarney said in the video.
“The next question is always, if Ethereum goes to $9,700, what’s the price of Solana? I calculated it for you. It will be at least $250 if ETH hits $9,700. Remember $9,700 from where it is now is over a 5x, and, of course, Solana goes up faster than ETH will at that time,” the InvestAnswers host added.
According to Mullarney, although Ethereum could potentially reach $9,700, he doesn’t anticipate the surge happening in the coming months. Instead, he believes it may occur during the bull run, possibly in early 2025, rather than the first quarter of 2024.
Regarding Bitcoin (CRYPTO: BTC), Mullarney reaffirmed his previous prediction that the flagship cryptocurrency could increase by over 40% from its current levels by early next year.
“As I mentioned several times a few months ago, I wouldn’t be surprised if Bitcoin reached a $42,000 target somewhere between January and April of 2024,” he said.
Solana is a rapidly emerging cryptocurrency and blockchain platform that has gained substantial attention in the decentralized finance (DeFi) space. Launched in 2020 by Anatoly Yakovenko, it seeks to address the scalability issues plaguing other blockchain networks, aiming to process over 65,000 transactions per second, thanks to its innovative proof-of-history and proof-of-stake consensus mechanisms. Solana’s speed and low fees have made it an attractive choice for developers and users alike.
Its native token, SOL, powers the ecosystem, facilitating transactions, staking, and governing the network. The platform hosts numerous DeFi applications, NFT marketplaces, and decentralized exchanges, fostering a vibrant and dynamic ecosystem.
Produced in association with Benzinga
Edited by Arnab Nandy
