The host of the popular crypto channel Coin Bureau is explaining why he thinks one Ethereum (ETH) competitor and smart contract platform could explode in the coming months.
Pseudonymous crypto analyst Guy tells his 1.7 million YouTube subscribers that Solana (SOL) can potentially hit “an extremely bullish target that borders on fantasy.”
Smart contract platform Solana is currently the fifth largest crypto asset by market cap. It is a scalability-focused blockchain while remaining secure and decentralized. Solana’s native token, SOL, is used to pay for transactions on the network and in the governance of the network. At time of writing, SOL is down 1.4% on the day, trading at $221.68.
Guy says that recent Solana news is boding well for the Ethereum competitor’s future, including the release of the Solana Phantom wallet, multiple fundraising rounds, and the launch of the Grayscale Solana Trust earlier this week.
“It’s only been about a week, and Grayscale Solana Trust already has $10 million in assets under management.”
Guy even goes so far as to say that Solana could soon hit $1,000, a nearly 5x appreciation from its current value. However, Guy’s prediction comes with some major caveats.
“Assuming Bitcoin hits 100k and Ethereum hits 10k, as many people expect, this could give Solana enough wiggle room to hit $1,000.
But, I will note, this is an extremely bullish target that borders on fantasy.”
Though Guy says $1k SOL might be bordering on fantasy, he’s still bullish on Solana in the short term.
“SOL appears to be in the middle of painting a bull flag on the monthly and, if my measurements are correct, we could see a $290 to $300 SOL in the next month or two.”