Cryptocurrency analyst and dealer Michaël van de Poppe is plotting out how excessive one Ethereum (ETH) competitor can go after the altcoin skilled explosive progress throughout 2021.
In a current technique session, Van de Poppe tells his 157,000 YouTube subscribers that layer-1 good contract platform Solana (SOL) is making the most of among the Ethereum platform’s limitations, similar to excessive transaction prices and scalability points.
The crypto strategist thinks the general crypto markets are wanting bullish headed into 2022 and if Solana can efficiently break above the $193 area, then the altcoin will blast previous earlier all-time highs.
“The two ranges that I’m personally watching are $410 and $650 within the first few runs.
But think about that we’re getting an in depth bull market during which Bitcoin goes to make a giant run, and your complete cryptocurrency market cap goes make a giant run.
We is likely to be seeing an exceeding run for Solana right here as effectively during which we make this run, have one other correction, after which we begin operating yet one more time earlier than your complete bull market is over, leading to to a run that is likely to be bringing us in direction of… let’s say we will even hit $1,000 or $1,500, after which we’re attending to the top of this bull cycle.”
Van de Poppe concludes his upside price prediction by saying that whereas he believes $600 SOL is feasible throughout the present run, the broader crypto markets would wish to realize a 5x earlier than SOL reaches the $1,000 price tag.
At time of writing, Solana is down 3.42% for the day to $190.48. The fifth-ranked crypto asset has gone ballistic this 12 months, ripping from $1.52 all the best way to a November excessive of $258.63 earlier than correcting to its present price.
The chart guru thinks that if the crypto markets preserve increasing, there’s no motive why Solana can’t additionally do one other 3x towards Bitcoin (BTC).
Regarding the SOL/BTC buying and selling pair, the analyst says,
“Looking at a price prediction, I feel that if the market goes to broaden itself in direction of $10 to $15 trillion, one other 5x on Solana must be fairly regular as effectively, as that’s simply the typical of your complete market.
But if we’re taking a look at a Fibonacci extension, we might be seeing ourselves operating in direction of 0.0071 BTC ($352.62), or doubtlessly even 0.012 BTC ($595.97).”
Disclaimer: Opinions expressed at The Daily Hodl usually are not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses chances are you’ll incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please word that The Daily Hodl participates in affiliate marketing online.
Featured Image: Shutterstock/Kiselev Andrey Valerevich