Solana is Going to $320, Says Analyst, Based on Data

A cryptocurrency analyst has predicted that SOL, the native asset of the Solana ecosystem, will surge to $320 in the next three months based on data available on-chain.

According to a tweet by the pseudonymous Gumshoe, SOL is “highly mispriced” relative to the Ethereum ecosystem. The network is faster, cheaper, easier to use, and more capital-efficient compared to Ethereum, so its native token has the potential to experience significant growth in the short term.

Solana to Hit $320 in 3 Months

Gumshoe compared Solana metrics with Ethereum’s and its layer-2 networks. Although Ethereum’s fully diluted valuation is 4.39x larger than that of Solana, the latter is leading in volume per $1 of total value locked (TVL).

Solana has a $2.81 volume per $1 of TVL, while Ethereum’s is $0.3. Solana’s trading volume represents 40% of Ethereum’s and its layer-2 protocols combined.

Regardless of the Ethereum ecosystem leading in trading volumes and fully diluted valuation, Gumshoe insists that Solana’s network features and other unmentioned narratives would push SOL past the $320 target. The asset was worth $170 at press time.

“The Most Successful ETFs Ever”

Gumshoe is very bullish on Solana, and it is evident in their X posts. Earlier today, the analyst urged crypto investors to bid on SOL and beta plays because their odds of having the luck, cognitive ability, and timing to find and make big money are below 1%. 

In addition, Gumshoe believes that Solana exchange-traded funds (ETFs), although not in existence, will be the most successful crypto ETF launches ever. They cited data about asset manager Grayscale’s Bitcoin ($29 billion) and Ethereum ($10 billion) holdings before the first trading days of their respective ETFs, comparing them to Solana, which has amassed $83 million but has no ETF yet.

The digital asset analyst believes the narrative of investment managers seeking regulatory approval for their Solana ETFs in the United States would be, “Invest in the index for blockchain innovation without the supply overhang of previous ETFs.”

Solana Catches Community’s Attention

Since the beginning of the year, the Solana network has caught and sustained the crypto community’s attention. First was the memecoin mania, intensified by the launch of Pump.fun, which eased the process of creating memecoins. Now, it is tokenization and real-world assets (RWAs).

Hamilton Lane, one of the world’s largest asset management firms, just tokenized its private credit fund on the blockchain and another, AgriDex, is doing the same for agricultural commodities.

The post Solana is Going to $320, Says Analyst, Based on Data first appeared on Cointab.