Solana (SOL) has made a significant comeback, rising from a six-month low of $109 to above $150 in just 24 hours. It has become one of the best-performing stocks in the market this year.
Miles Deutscher, a crypto analyst, thinks this rise is just the beginning. Deutscher recently posted on social media a list of ten things that he thinks could push the price of SOL to $1,000, which would be a 5x to 10x rise.
Deutscher points out that Solana has been relatively strong throughout the market cycle and has gotten a lot of attention in the meme coin space. He says that Solana’s popularity grew at a recent Bitcoin meeting, where it came in second only to Bitcoin in terms of mindshare.
Solana’s Thriving Crypto Hub
This created a positive feedback loop.This expert also says that Solana’s environment is like a “thriving crypto hub,” where meme coins do well and SOL is the main currency used for trade. He says that this situation makes the Solana network more valuable overall.
One more thing that works in SOL’s favor is that its market cap is lower than Ethereum’s (ETH). Deutscher says the fact that SOL has a smaller market cap than Ethereum makes it a better choice for speculation. He thinks that a possible change in the price of ETH could make SOL’s market cap go up even more, hitting $1,320 or $660 per SOL.
Deutscher also talks about how well Solana does in decentralized finance (DeFi), saying that it does better than well-known chains like Bitcoin and Tron. Its Total Value Locked (TVL) hit a new high of $5.36 billion, and in the last 30 days, its decentralized exchange (DEX) volume has been higher than Ethereum’s.
In addition, Solana has made more money than significant crypto players like Ethereum, which shows how important it is in the field. Deutscher says that the latest Firedancer update improves scaling, network efficiency, and institutional compatibility, which is good news for SOL’s future.
Institutional interest is also growing. For example, Hamilton Lane, a major name in asset management, just started a fund on Solana’s network. VanEck’s possible launch of a spot SOL ETF could also bring in a new wave of institutional capital, which would help the market grow and become more popular.
