IMPORTANT POINTS:
- A well-known InvestAnswers analyst predicts a significant rise for Solana (SOL), with a possible price of $250.
- The long-awaited Cancun upgrade of Ethereum could trigger a boom in the price of Solana.
- According to InvestAnswers anonymous analyst, the Bitcoin price could rise more than 40% by early 2024, with a target of 42,000.
A well-known cryptocurrency analyst has recently expressed confidence that Solana (SOL) will approach its all-time highs if Ethereum (ETH) starts its long-awaited bull market.
The InvestAnswers host, whose name remains anonymous, shared in a recent trading session that Solana could go as high as $250, which would mean an increase of more than 870% from its current price of $25.75. This prediction was communicated to his 446,000 subscribers on YouTube.
Solana’s growth forecast, according to the analyst, would be linked to the next Ethereum update, known as Cancun. This improvement aims to increase the scalability of the main smart contract platform. In addition, the InvestAnswers host cited a prediction from cryptocurrency financial services firm Blofin, which anticipates that Ethereum could hit $9,700 after the upgrade.
According to Blofin, they foresee that after the Ethereum Cancun upgrade, the price could exceed 9,700 per ETH in the first quarter of 2024. And of course, this is their most optimistic scenario.
“The next question is always, ‘Well, if Ethereum hits $9,700, what will Solana’s price be?’ I calculated it for you. It will be at least $250 if ETH reaches 9,700. Let’s remember that $9,700 from where it is now is more than 5x and of course Solana will go up faster than ETH at that point.”
Although the InvestAnswers host believes that Ethereum could rise to 9,700, he does not foresee this rally happening in the coming months.
“It would be great to see ETH at $9,700. Perhaps we will see it in the bull run. I doubt we’ll see it in the first quarter of 2024, but maybe early 2025.”
As for Bitcoin (BTC), the anonymous analyst reaffirms his prediction that the top cryptocurrency will rise more than 40% from current levels by early next year.
“I said it many times a few months ago, I wouldn’t be surprised if we had a Bitcoin target of $42,000 between January and April 2024.”
