- Analyst Jacob Canfield says Solana will be among the biggest movers this bull cycle and will raise its market dominance to 15%, a five-fold rise from its peak at 3%.
- He adds that SOL could hit $1,000 in this cycle and take on Ethereum to become the second-largest cryptocurrency in the market after Bitcoin.
The current crypto market bull cycle could see many big winners. Some say Bitcoin could hit a new all-time high after the ETF announcement, while others believe XRP will skyrocket once Ripple settles with the SEC. For seasoned trader Jacob Canfield, the crypto to watch is Solana which he says will eclipse Ethereum to take the second spot on the most valuable cryptos list.
“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,” the trader says.
Jacob took to X to lay out why he believes Solana will be the big winner. He says SOL has been trending against ETH whose market dominance is breaking from a long-term trendline and losing the 200 weekly moving average. Ethereum’s dominance is currently at 17.4%, down from its peak of 21.31% in December 2021.
Solana could triple or quadruple its 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.
At its peak in December 2021, SOL’s market dominance peaked at 2.1%. At the time, it had just set a new all-time high at $259.62 as its market cap hit $79 billion. The crypto has lost most of that value since then to hit a three-year low at $9.7 last December as the FTX collapse extended to the project which was Sam Bankman-Fried’s favorite.
It’s time for the project to break free of SBF’s negative perception, Jacob says. “I think that there is quite a bit of PTSD around the ecosystem and rightfully so. But Sam is in prison and it’s time to become its own entity and forge its own future,” the analyst stated.
At press time, it trades at $59.5, up 10% in the last day and an incredible 176% in the past 30 days.
Solana (SOL) to $1000?
While most cryptocurrencies have recorded price surges in the past few weeks, Jacob believes Solana’s gains are sustainable, boosted by real-world adoption.
“They have partnerships with Google & Circle & Amazon, so there is a lot of potential adoption that may happen this time around,” he says.
Jacob highlighted some of the notable projects building on Solana. They include Orca and Raydium, two of the ecosystem’s decentralized finance platforms. They were dealt a big blow by the collapse of FTX, but are slowly recovering.
Others include Marinade Finance, a non-custodial liquidity staking pool; Samoyedcoin and BONK, two of the best-performing meme coins in the market—the latter has gained 1,250% in the past month; and ecosystem tools like Solscan block explorer and Bonfida, the ENS-like naming protocol on Solana which keep growing.
Building a business on Solana is the best decision I’ve ever made.
We’re absolutely printing right now.
— Titan
(@TitanXBT) November 11, 2023
