Over the last week, Ethereum-killer Solana (SOL) has been leading the altcoin market rally with 14% gains, while other top ten cryptocurrencies have given flat returns. As of press time, Solana (SOL) is trading 3.2% up at a price of $$21.83 and a market cap of $8.7 billion.
Veteran investor Raoul Pal has recently shared his strong bullish view on Solana’s (SOL) price surge going ahead. During his recent interview with InvestAnswers, Pal said that Solana could pretty much follow in the footsteps of Ethereum after ETH hit a low in 2018.
Back then, the ETH price surged by a staggering 47 times. Pal says that even if Solana doesn’t replicate the Ethereum performance, it could at least surge by 20 times. He added:
“There’s a potential, a possibility [of] a dream scenario that Solana does what ETH did from the 2018 low, which was a 47x. And so [the] Solana low was $9, so you could do the math, the numbers are potentially very interesting – that it’ll be 20-something X from here for Solana.”
He believes that this estimate makes sense considering Solana’s well-established protocol and the notable growth in network and ecosystem activity.
If Pal’s positive prediction proves to be correct, the price of Solana could potentially exceed $400 in the future. This would represent a substantial increase from its previous highest value of $259.96 reached in the previous bull market.
As said, Solana (SOL) has been on a strong footing over the last week taking a contrarian view to the broader crypto market. The current buying pressure in Solana is influencing the SOL price trajectory while comfortably holding above the $20 support level.
There’s no specific catalyst behind the current SOL price rise, but a few things to consider. A noteworthy example is the partnership between Coca-Cola in Serbia and Solana NFT platform SolSea. They have joined forces to offer non-fungible tokens (NFTs) during a music event. As part of this collaboration, Coca-Cola will provide 100 exclusive hoodies along with accompanying NFTs to chosen participants.
It will be interesting to see if SOL can continue with its price trajectory going ahead.
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