Solana's price accounts for a significant portion of the cryptocurrency's market capitalization. Known for its high transaction speeds and low fees, Solana attracted meme coin creators and subsequently earned the nickname “Home of Meme Coins.” Investors are keen to explore the Solana ecosystem, especially since its rise from lows of less than $20 to over $150 in September 2024. Dubbed the Ethereum killer, Solana has grown over 680% in the last year. But if SOL’s price was comparable to Ethereum’s market capitalization, how much would it be?
Solana price if ADA gains Ethereum market cap
With a market capitalization of $314 billion, Ethereum is the second largest cryptocurrency by market capitalization. Meanwhile, Solana, with a market capitalization of $73 billion, has the potential to challenge Ethereum's dominance.
If it captures Ether's market capitalization, Solana's price will experience a dramatic but unexpected rise.
To match the market capitalization of Ethereum, Solana price rises to around $670which corresponds to an increase of 335% from the current price.
Considering the present sol price If Ethereum’s market cap is reached at $154 and its circulating supply, Solana’s price will rise to around $670. This represents a significant increase of 535% from the current trading value.
What is causing the SOL price to skyrocket by 535%?
Solana has long been called an Ethereum killer, but it has never come closer to that title than in 2024. Due to several factors, the price of Solana could rise 4.35x and surpass the price of Ethereum.
- High transaction speed: Solana's ability to process transactions quickly makes it an attractive platform for developers and users looking for efficiency.
- Low rates: Solana's transaction fees are a fraction of Ethereum's, making it a cost-effective choice for decentralized applications (dApps) and protocols.
- Meme coin craze: The recent rise in popularity of meme coins could further strengthen Solana's ecosystem and attract more projects and investors to the platform.
- Possibility of ETF approval: Solana recently missed out on approval for its ETF after the SEC rejected applications from VanEck and 21Shares, but future approval of the Spot Solana ETF could significantly increase SOL's price and drive Ethereum's market cap. There is a possibility that it will be exceeded.
- Increase in total value locked (TVL): According to data from DeFiLlama, the total value locked on the Solana blockchain has increased by 3.58% year-to-date, compared to Ethereum’s 0.9% increase over the same period.
For these reasons, the total value locked in the Solana blockchain is 3.58% increase since the beginning of the yearAccording to data from DeFiLlama. Ethereum’s TVL increased by 0.9% during the same period.
Will the Solana price reach $670?
Solana prices have shown impressive growth over the past few years. In 2024 alone, the price of SOL increased by 891%, from $19.59 to $155.
This meteoric rise demonstrates Solana’s resilience and potential in a volatile crypto market. Additionally, Solana has formed a notable bullish pennant pattern, hinting at a possible breakout that could push SOL towards $350. From there, we enter price discovery territory and Solana could reach the $670 level with a 91% increase. This is a realistic scenario in a dynamic cryptocurrency environment.
Comparing Solana's performance in 2023 and 2024, the platform shows consistent growth and the ability to quickly recover from market lows. Recent analysis by experts suggests an ambitious price target for Solana. Recent SOL price analysis suggests SOL could reach $400 and outlines Solana's technical and fundamental strengths that could fuel such rapid growth. Masu. This strengthens the argument that a 535% spike is within the realm of possibility.
Solana price prediction This indicates that while it has the potential to soar, it may also face competition from other crypto assets that are trying to outdo Ethereum.
Frequently asked questions (FAQ)
Solana is known for its high transaction speeds and low fees, making it an attractive platform for developers and users. It is gaining popularity among meme coin creators as the “home of meme coins'' due to its appeal.
Ethereum has a market capitalization of $314 billion, making it the second largest cryptocurrency by market capitalization.
The prospect of Solana reaching $670 is exciting for investors, but it faces competition from other cryptocurrencies. Solana showed significant growth in 2024, increasing by 891% from $19.59 to $155. Moreover, technical analysis shows that if Solana price breaks out of the bullish pennant pattern, it could reach $350 and then continue to rise towards $670.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrencies, and the video game industry. His extensive experience includes working with a variety of startups to deliver insightful, high-quality analysis that resonates with target audiences. As an avid crypto trader and investor, Evans is passionate about blockchain's transformative potential across a variety of sectors. Outside of his professional work, he enjoys playing video games and exploring beautiful waterfalls.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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