Solana is by far the best performing ecosystem this bull run. Not only did the main token SOL do over 10x so far, but meme coins had the biggest volumes and pumps too.
The SOL price is up 2% today, but still trading below $150. This level now represents a resistance that needs to be broken before SOL revisits 2024 yearly highs at around $209.
YouTuber “AllinCrypto” is on their way to get 100k subscribers. They posted a viral video last night predicting Solana price to do 13x from the current levels.
Institutional Interest Drives Solana’s Potential
AllinCrypto begins by discussing Solana’s potential to capture up to 10% of the overall cryptocurrency market cap. They highlight the possibility of an epic run for Solana against Ethereum, Bitcoin, and the US Dollar. For context, Solana’s current dominance is 3%.
They explain that the Solana’s outperformance compared to other altcoins is largely due to institutional involvement. Solana has been “institutionally chosen,” which is a big factor in its success.
Data from CoinShares shows that until three weeks ago, Solana saw the highest inflows year-to-date among altcoins through institutional products, surpassing Ethereum. This level of interest from institutional investors is why AllinCrypto believes Solana will continue to perform exceptionally well.
Read also: Investing in XRP Is ‘Super Attractive” Right Now – Major Ripple News
Solana Price Predictions
A recent article from The Block was also mentioned, discussing how crypto funds are betting big on Solana. Despite the market’s recent turbulence, several crypto funds are maintaining a bullish stance on Solana and the broader DeFi sector.
Ryan Watkins, co-founder of Syncracy Capital, is quoted in the article, stating that Solana rivals Ethereum in most meaningful metrics but trades at only a fifth of its valuation. The Solana ecosystem is also considered undervalued compared to Ethereum, with some protocols showing significant growth in earnings yet trading at a fraction of Ethereum’s multiples.
Source: CoinMarketCap/Solana
AllinCrypto still stands on Solana price prediction of $283. This target is based on technical analysis, specifically an inverse head-and-shoulders pattern. They also predict a nearly 600% increase against Bitcoin and a 200% increase against Ethereum.
Despite Solana’s history of technical issues and outages, there is ongoing institutional confidence in its future performance. The upcoming Fire Dancer upgrade is expected to address some of these issues, though AllinCrypto remains skeptical.
The video underscores the significant interest from institutions, highlighting that Solana has been heavily accumulated by major funds. This institutional favoritism is seen as a major driver of Solana’s price. Some of the institutions backing Solana include CoinShares, Syncracy Capital, Multicoin Capital, Maven 11, and Pantera Capital.
AllinCrypto advises following the money, noting that major investors are placing significant bets on Solana. This strategy has been effective in the past and is a reason for their continued optimism about Solana’s prospects.
Although the YouTuber personally has reservations about Solana’s blockchain, they acknowledge that institutional interest cannot be ignored. The video ends with the belief that Solana, due to its institutional backing, is positioned to perform exceptionally well in the coming months, potentially reaching the $283 target.
Low-Cap Coin To Consider Instead Solana
Established cryptos like Solana dominate headlines, however early projects like PandaWorld are also attracting attention from early investors. This new hot meme coin has already raised over $110,000 in its ongoing public presale.
PandaWorld combines gaming and blockchain technology, featuring a turn-based RPG centered around six panda siblings. Players can embark on quests, collect cards, and build teams, while also engaging with a blockchain-based casino platform. The project’s native $PADW token, with 40% of its 88.8 billion total supply allocated to the presale, aims to focus on long-term holding and community participation.
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