A popular cryptocurrency strategist says that Solana (SOL) could continue its massive rally and reach all-time highs.
New Video Update Hosts InvestAnswers To tell With his 444,000 YouTube subscribers, one way to gauge Solana’s current strength is by looking at the daily active usage (DAU) of the top altcoins.
According to him, Ethereum (ETH) has 572,500 DAUs, about 192,600 more daily active users than Solana’s 379,900. Solana’s DAU surpasses his DAU of other top altcoins.
If you look at the number of daily active users of Solana and Ethereum, you can see that Solana is a little bit lower at 379,900, a little bit higher than Polygons 359,500 and Ethereums 572,500, which is a good result. Remember, it can run much faster than Ethereum. [arent] Are the transactions much higher? Because there is room for hiring. Cardano is there at 49,800, about the same as Near Protocol [at 49,500]Avalanche, 34,900, Aptos 21,500. And that’s kind of the situation with the top layer 1 chain.
He then examines Solana’s market potential by comparing prices when it shares the same market cap as Cardano (ADA) and different percentages of Ethereum’s market cap. He’s also keeping an eye on whether they’ve reached all-time highs. He gets the results and averages them to bring Solana’s possible value to $52.61, an all-time high of $305.
Assuming these other coins return to all-time highs, and assuming Solana continues its growth trajectory, I believe these are possible. So if you look at the matching Cardano market cap, it’s $29.61, 10% of ETH $42.74, and 20% of ETH $85.48 The average of all three is $52.61 Is that a fair value for SOL? Yes, I think you’re right, but it’s currently trading at a quarter of its value as it’s been black-eyed by FTX Fallout and everything else.
Comparing all-time highs of $351.37, $188.21, and $376.42, the average is $305.33, beating Solana’s all-time high of $259. Can Solana reach and surpass all-time highs?
As of this writing, Solana is trading at $13.87.
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