Public chain Solana (SOL) exceeded $126 today, setting a new high since April last year. Santiago R Santos, former partner of ParaFi Capital and founder of EON Capital, boldly predicted today that Solana will eventually surpass Ethereum, with an 80% chance of SOL’s market value It can surpass Ethereum within 3 years.
(Previous summary: Currency Market Morning News) SOL “broke through 126 US dollars” and hit a 20-month high! Bitcoin deducted 44,000)
(Background supplement: FTX made a huge profit of 3 billion magnesium from SOL. “Can the creditors see it and eat it?”)
Since mid-October, the public chain Solana (SOL) has been soaring from around US$20. After rising above the US$100 mark on the 24th, it exceeded US$120 today (26th), reaching a maximum of US$126.36, the highest level since last year. A new high in April.
As of the time of writing, it was currently trading at $119.3, an increase of 8% in the past 24 hours, and an increase of more than 104% in the past month.
SOL trend chart. Source: Tradingview
SOL’s current market value exceeds BNB’s $10 billion
As SOL continues to rise, CoinMarkeCap datashowSOL’s market value has reached US$51.2 billion, ranking firmly as the fourth largest cryptocurrency in market value, more than US$10 billion higher than the US$40.2 billion of Binance platform currency BNB, and only behind Bitcoin, Ethereum, and USDT.
SOL trend chart. Source: Coinmarketcap
Will SOL surpass Ethereum?
At the time when SOL was skyrocketing, those who have been involved in cryptocurrency investment since 2013 ParaFi Capital Former partner and founder of EON Capital, Santiago R Santos, boldly predicted on Twitter today that Solana will eventually surpass Ethereum, and raised the probability of Solana surpassing Ethereum in this cycle (within 3 years) from 20% at the beginning of the month to the current 80%. %.
Probabilities can change very quickly. And so I think you should be prepared to change your mind often.
But in school and most other places they don’t emphasize this enough. As if it’s some heroic act and higher moral ground sticking to your original thesis.
But when you…
— Santiago R Santos | #9159 (@santiagoroel) December 25, 2023
Santiago R Santos explained that he did not set this probability as 100% because nothing is bound to happen. His hypothesis is that the rotation within the cryptocurrency will be more SOL-centric. Compared with other networks, SOL’s The performance will be better and the gap with other networks can be narrowed, and the proportion of new capital inflows to SOL will be higher:
But in cryptocurrencies, the correlation is still very high, so the higher price of SOL may also represent the higher price of ETH and other assets (see the trend of AVAX outperforming SOL in the past few weeks)…
Santiago R Santos concluded that as capital inflows grow and the overall currency market cap increases, the high correlation within the currency market will continue to exist in this cycle, and the fully diluted market capitalization (FDMC) and prices of ETH and SOL may rise. The SOL/ETH ratio will converge and the fully diluted market caps of the two will eventually equal 1:1.
Previously, Santiago R Santos said at the beginning of the monthexpressSolana can surpass Ethereum without the shrinkage of Ethereum’s market value. With the improvement of various applications and practicality, SOL and its ecosystem may become a relatively profitable investment avenue and attract retail investors in the next currency market cycle. , institutional investor funds.
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2023-12-26 03:36:50
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