- Crypto analyst Jacob Canfield has predicted that Solana could surge to $1,000 and even triple or quadruple its market dominance.
- Canfield points to SOL’s breakout in the SOLBTC and SOLETH charts as evidence that Solana might explode soon.
- He also notes that Ethereum’s declining dominance and Solana’s new partnerships could help it become the big winner in this crypto cycle.
- Beyond charts and partnerships, there are also significant innovations on Solana, such as Serum, Raydium, Audius, Metaplex, and Star Atlas.
SOL was one of the top cryptocurrencies of the last bull run before FTX eventually crashed in November 2022.
Solana is starting to get noticed once again and is registering impressive percentage gains for several days at a time.
But how far can SOL price go? Analysts from all over the internet have come out with predictions of how high Solana can go within weekly, monthly and yearly timeframes.
Others have argued that SOL has a fair chance of challenging and even beating Ethereum at its own game soon.
One of these analysts is Jacob Canfield.
Canfield has predicted that the SOL price will hit $1,000 soon and that it might eventually “flip” Ethereum while at it.
The Case for Solana’s Parabolic Rise
According to Canfield, a renowned crypto analyst and educator, SOL price may be on the brink of a massive market surge.
In a lengthy tweet posted on Thursday this week, Canfield laid out a comprehensive price prediction for SOL, suggesting that the cryptocurrency may even lead the bullish charge in the next bull run.
Not only that, Canfield says that SOL’s dominance may rally straight up to about 12-15%.
How did the analyst reach this conclusion?
Canfield posted an image of SOL’s dominance chart (SOL.D).
According to this chart, Canfield notes that at the peak market cap, SOL “didn’t even crack 3%”.
However, when we consider the current trends and Solana’s breakout in the SOLBTC (SOL versus Bitcoin) chart, Canfield says that we may see a scenario where Solana enters a “parabolic rally phase”.
Canfield also supports this analysis with the SOLETH (SOL versus Ethereum) chart, showing a similar pattern.
The analyst says that SOLETH also currently broke out of a weekly resistance and may now be “forming a parabolic rally against it.”
Ethereum New ETF Might Help Dominance
Before rallying straight up to $2,100, ethereum was under some heavy influence from its bears.
Canfield mentions this in his analysis and states that Ethereum’s dominance (ETH.D) is currently breaking down from a long-term trendline and losing the 200 weekly moving average.
The analyst says:
“If Solana continues to trend against Ethereum and it continues to break down to 2019-2020 levels, we could see SOL as the big winner this cycle,”
However, Canfield also mentions that the recent news regarding the new Ethereum ETF with Blackrock may cause this fall in Ethereum’s dominance to “not play out”.
Despite Ethereum’s new ETF, however, Canfield says that Solana still has a chance, especially with the new and robust partnerships Solana has made with Google, Circle, Amazon and others.
The Innovation Within Solana
Canfield says that beyond charts and partnerships, SOL also has some significant innovations that might pave the way for the blockchain’s expansion.
Some of the notable projects that Canfield mentions are:
Serum (decentralized exchange), Raydium (automated market maker), Audius (decentralized music streaming platform), Metaplex (enables creators to launch and sell their own NFTs on Solana) and Star Atlas (blockchain-based gaming metaverse).
Canfield also mentioned the FTX issues, and how this might affect Solana’s market sentiment.
“I think that there is quite a bit of PTSD around the ecosystem and rightfully so. But Sam is in prison and it’s time to become its own entity and forge its own future.”
The $1,000 Question
Canfield also says that:
“Solana could triple or quadruple its all-time high market dominance around 12-15%. If it continues to trend against Bitcoin, could easily see a $1,000 per coin and take the #2 spot behind Bitcoin.”
However, is $1,000 a realistic target for SOL?
Canfield is not the only one who thinks so. According to another tweet from Rekt Capital, another famous trader and analyst, Solana continues to dominate the market.
According to a chart posted by the analyst:
“In 2021, SOL upside deviated to $53 and then $61 before retracing to the bottom of the purple box (as shown below)”
According to Rekt Capital’s chart, SOL is currently breaking out above the zone, and the analyst is suggesting that this might be a good place for investors to enter the market and catch the Solana rally in the next bull run Rekt Capital suggests that this could be a good entry point for investors who want to catch the next wave of Solana’s rally.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.