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28 November 2021
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Analyst points out that Solana is the hotshot in the cryptocurrency market


After the price of Bitcoin (BTC) broke its all-time high, the altcoin market also saw Ethereum (ETH) rise above the $4,000 mark again.

While the main cryptocurrencies in the market have retreated at the time of writing, a leading cryptoactives analyst and trader noted that an Ethereum competitor looks set to rise more than four times its current levels.

The forecast is from the analyst known as Smart Contracter. To his 174,900 Twitter followers he he said that Solana (SOL) will overshadow both ETH and Bitcoin (BTC).

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Its target price for the cryptocurrency is now US$900. So if SOL hits this price, it will be an appreciation of more than 360% over its current value.

High in Solana

According to the trader, who trusts the Elliot Wave theory, the scenario is as optimistic for Solana as it is for ETH in relation to Bitcoin.

“Monthly Reminder: $900 to Solana (SOL) is not a joke. It will happen… ETH/BTC looks optimistic, SOL/BTC looks optimistic. But SOL/ETH also seems optimistic. So, naturally, SOL is my biggest bet and I believe it surpasses BTC and ETH”, he said.

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According to CoinGecko, Solana is trading at $192 at the time of this writing. This is about a 10% drop from the September high.

As Smart Contracter pointed out, Solana’s recent resurgence is in its early days. That happens, he says, after altcoin rises above two key resistance levels.

“This cryptocurrency goes up a lot when it starts breaking resistance and it’s just starting here.”

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The trader also said that, last month, Solana began exhibiting chart behavior similar to that of Binance Coin (BNB), which rose more than 1,600% to a record high between January and May this year.

According to the analyst, if Solana replicates the BNB standard, a price of $900 is at stake. Given the current market configuration, he believes this is very possible.

Read also: Now yes: Walmart starts selling Bitcoin in the US

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Also Read: Lucky Buys 1 Bitcoin for $11,000 in Binance Failure

Also read: Mt. Gox can pay up to R$51 billion to customers; understand impact on BTC price

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