Expert Anticipates Solana’s Price Surge by 47 Times from Recent Lows
Renowned financial analyst, Raoul Pal, has made an optimistic prediction about the future success of Solana (SOL), suggesting that its value might potentially skyrocket up to 47 times its previous lows. Currently valued at $174, Solana has already experienced an impressive 600% surge since the beginning of the year, and continues to demonstrate steady growth with a 5.1% increase in the past 24 hours and a 0.8% uptick over the past week.
Pal, who is the CEO and founder of Real Vision and Global Macro Investor, attributes Solana’s strong potential to its resilience and significant technological advancements, notably the “Fire Dancer” scalability solution. Drawing parallels to Ethereum’s remarkable bull run in 2020, Pal predicts that Solana might follow a similar trajectory, leading to substantial price growth. He also points out the influence of non-fungible tokens (NFTs) on Solana’s market, highlighting the platform’s cost-effective NFT creation and the possibility of innovative applications for NFTs in the future.
Current market data supports Pal’s optimistic outlook. Solana’s open interest, which reflects the liquidity of the futures market, has risen by 7.69% to a value of $2.62 billion. Additionally, trading volume has increased by 20%, and the number of active Solana addresses has surpassed 1 million, indicating growing user engagement and adoption. However, while Solana has overtaken Ethereum in terms of active addresses, Ethereum still maintains a lead in transaction volume.