On October 23, James Mullarney, the host of the very popular YouTube channel \u201cInvestAnswers\u201d, explained why he is so bullish on Ethereum rival Solana ($SOL).<\/p>\n
Here is how Coinbase described Solana in a\u00a0blog post\u00a0published on 29 June 2022:<\/p>\n
\u201cSolana\u00a0is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization, and is one of the largest proof of stake blockchains by market cap.<\/em><\/p>\n \u201cSolana aims to enable\u00a0smart contracts\u00a0to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more. When users stake their crypto, they make the underlying blockchain of that asset more secure and more efficient. And in exchange, they are rewarded with additional assets from the network, which are paid out as rewards.<\/em>\u201c<\/p>\n According to a report by The Daily Hodl, In a YouTube video released on 23 October 2022, the InvestAnswers host had this to say about Solana:<\/p>\n \u201cI believe considering that Solana trades at less than 1\/16th of the market cap of Ethereum, but it\u2019s as widely adopted and does a lot of transactions, I think it\u2019s a screaming value, and I do believe it\u2019ll at least go to 20% of ETH\u2019s market cap in the very near future.<\/em><\/p>\n \u201cAnd as the market rebounds, I believe Bitcoin (BTC) will rebound first, Ethereum second, and then once these things run, the money will transfer from the runners to the ones that haven\u2019t run yet. And that\u2019ll be Solana ,and then that could go very high and that would be 825% return. So basically you\u2019re only making 3X the money investing in Solana than you are with Ethereum, but it\u2019s riskier. And that\u2019s where we are.<\/em><\/p>\n \u201cDoes it have a chance of going back to its all-time high of $260-plus? The answer is, I believe so. If they continue to execute, if they get out of mainnet beta, if they have no more outages, solve all their problems, the adoption should continue. But there is competition. And we do have new names sucking the oxygen out of the room like Aptos (APT), which I believe is part of the reason for the weakness in the layer-1s last week, the so-called \u2018SOL killer.\u2019<\/em>\u201c<\/p>\n https:\/\/youtube.com\/watch?v=KF0ryTjVUf4%3Ffeature%3Doembed<\/p>\n In a previous video released on 18 September 2022, Mullarney explained\u00a0how he sees $SOL reaching $370:<\/p>\n \u201cWhat I did was I compared the Bitcoin price to the Ethereum dominance in the future, which I believe will be at least 25%, and that will bring us to an Ethereum price, hypothetically, of $15,450 if Bitcoin goes to $158,000. If Bitcoin doesn\u2019t go to $158,000, that $15,000 price target for Ethereum goes away. And that is a function of the scarcity, the deflationary nature of ETH in proof of stake, etc., etc.<\/em>..<\/p>\n \u201cNow there are two variations for the Solana price: one is 10% of ETH dominance, and the second one is 20% of ETH dominance.<\/em>\u201cAccording to Mullarney, if $SOL reaches 10% of $ETH dominance, then that means the $SOL price could reach $370.<\/p>\n https:\/\/youtube.com\/watch?v=zpkLivZvTAg%3Fstart%3D1%26feature%3Doembed<\/p>\n On October 15, crypto analyst and influencer \u201cAltcoin Sherpa\u201d told his over $184K Twitter followers that if they manage to buy $SOL when it gets to below $20 and HODL it for two years, they should see $SOL at least 10X:<\/p>\n On 9 September 2022, former Goldman Sachs executive\u00a0Raoul Pal\u00a0explained why he is bullish on $SOL.<\/p>\n Prior to founding macro economic and investment strategy research service\u00a0Global Macro Investor (GMI)\u00a0in 2005, Pal\u00a0co-managed the GLG Global Macro Fund in London for global asset management firm GLG Partners (which is now called \u201cMan GLG\u201d). Before that, Pal worked at Goldman Sachs, where he co-managed the European hedge fund sales business in Equities and Equity Derivatives. Currently, he is the CEO of\u00a0finance and business video channel\u00a0Real Vision, which he co-founded in 2014.<\/p>\n According to a\u00a0report\u00a0by The Daily Hodl, on 9 September 2022, during an \u201cAsk Me Anything\u201d session streamed live on the \u201cReal Vision Crypto\u201d YouTube channel, Pal had this to say about Ethereum and Solana:<\/p>\n