- Solana is up 7.02% at $22.14, with a market valuation of $8.8 billion as of press time.
- Pal has predicted that the price of Solana would rise above $400.
In the last week, the cryptocurrency market as a whole has been on the upswing, with Solana (SOL) at the forefront with a 15.54% surge in the last 7 days. Solana (SOL) is up 7.02% at $22.14, with a market valuation of $8.8 billion as of press time.
Raoul Pal, a seasoned investor, has expressed his unwavering optimism about a future price increase in Solana (SOL). In a recent interview with InvestAnswers, Pal speculated that following Ethereum’s 2018 bottom, Solana might mostly follow in ETH’s footsteps.
Surge by a Factor of 20
The price of ETH increased by a factor of 47 at that time. According to Pal, even if Solana can’t match Ethereum’s success, it still has a chance to grow by a factor of 20.
This estimate seems reasonable to him in light of Solana’s long-standing protocol and the obvious increase in network and ecosystem activity, he says. Pal has predicted that the price of Solana would rise to above $400 if his forecast comes true. If this were to occur, it would be a significant gain from its previous bull market high of $259.96.
Contrary to the rest of the cryptocurrency market, Solana (SOL) has been doing well over the last week. Solana’s (SOL) price is being influenced by the ongoing bullish momentum and is now trading above the $20 resistance mark.
There may not be a single cause for the recent increase in SOL prices, but several macro factors and overall momentum. Moreover, Pal continues by saying he anticipates Bitcoin (BTC) could increase by a factor of two to three from its all-time high.
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