The host of a popular YouTube channel, InvestAnswers, recently chose Solana as a topic. James Mullarney spoke about the price conditions of the native cryptocurrency of the Solana blockchain, highlighting his price predictions for where the price might be headed.
Experts’ View on Solana
Coinbase, in a blog post, described Solana as a decentralized computing network that uses a combination of proof of stake and ‘so-called’ work history. They observed that, as a result, Solana is capable of handling up to 50,000 transactions per second and still able to function correctly in terms of decentralization while remaining one of the largest cryptocurrencies by market cap.
However, in the youtube video, James Mullarney compared the newly merged Ethereum network with Solana, taking into account speed, scalability, and security.
Mullarney’s observations can be summarized into three separate points:
- Solana has a slightly larger number of daily active users (DAU) and a breadth of Dapps, making it better than Ethereum in this regard
- In terms of TPS or transactions performed per second, the fees on both networks are more or less the same
- In terms of ecosystem, however, Ethereum has the edge, unsurprisingly, because it has been around for longer.
As for which of them was the better bargain among the two, Mullarney mentioned large corporations like Google and Tesla as examples, stating that they were once small before becoming what they are now known as today. According to him, that was a sign to get into things early.
SOL Price Trajectory
He also mentioned that if the market cap of Ethereum and Matic is combined, you’d have a figure 17 times that of Solana. Even though these two chains, when combined, cannot perform 17 times more than Solana can.
The InvestAnswers host also noted that Ethereum only has the edge over other chains and networks because it was the first successful smart contract platform, with a headstart of over five years.
In the video Mullarney released, he explains how he sees Solana reaching $307 per coin, creating gains of over 1,070% from where the price currently sits.
As to how he arrived at this figure, Mullarney states that he simply compared the price of Bitcoin to Ethereum’s dominance in the future (which he believes to be 25%).
Hypothetically if Ethereum’s dominance rose to this level and hit a price of about $15,450, Bitcoin could be at about $158,000.
According to Mullarney, if this happens and Solana hits about 10% of Ethereum’s dominance, the price of SOL could hit the $370 mark.
Solana followed a bearish streak after the announcement of 30 million SOL tokens to be unlocked from staking reserves. Although Solana’s unlock was later postponed, SOL’s price kept following the bearish streak.
Solana declined by as much as 23% over the last week, bringing the cryptocurrency’s price to $14.
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