Solana (CRYPTO: SOL), once called an ‘Ethereum (CRYPTO: ETH) killer' has experienced a remarkable surge in price, surging by 40% in the past week and reaching a new high for the year 2023 at approximately $58.
What Happened: Crypto analyst Jacob Canfield has conducted a comprehensive analysis suggesting that Solana could be on the verge of an unprecedented market surge. Canfield suggests that Solana could potentially increase its market dominance to the range of 12-15%.
Canfield’s analysis is based on several indicators. He highlights the Solana Dominance (SOL.D) chart, noting that even at its peak market cap, it didn’t surpass 3%. With the current trends and the breakout of SOLBTC from its weekly resistance, Canfield envisions a scenario where Solana could enter a parabolic rally phase.
In my opinion, I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle and I'm going to lay out some ideas for you.It's possible that with the Ethereum ETF news that some of these ideas don't play out, but it's worth… pic.twitter.com/oii8vWs0W9
— Jacob Canfield (@JacobCanfield) November 9, 2023
Canfield suggests that if Solana continues to trend against Bitcoin (CRYPTO: BTC), it could easily reach a price of $1,000 per coin and claim the second spot behind Bitcoin. "Solana could triple or quadruple it's all time high market dominance around 12-15% and if it continues to trend against Bitcoin, could easily see a $1,000 per coin and take the #2 spot behind Bitcoin," the analyst said.
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Why It Matters: Solana’s gains have been fueled by various factors, including the broader uptrend in the cryptocurrency market and the excitement surrounding Bitcoin ETFs, as well as an increasing appetite for risk among investors.
Interestingly, Solana’s upward trajectory coincides with the daily selling of 250,000 to 750,000 SOL tokens by the FTX bankruptcy estate over the past two weeks. These sales follow the approval by the Delaware Bankruptcy Court in September 2023 to sell 55.75 million SOL tokens.
Image Via Shutterstock
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