Bitrabo Editorial
After experiencing a staggering 1,000% surge in 2023 and regaining its position among the top 10 cryptocurrencies by market cap, Solana is back to being compared with Ethereum. This comparison has intensifed as Solana’s blockchain activity has not only exceeded that of Ethereum, but it has also generated more revenue during certain periods. However, Ethereum still maintains a significant lead in market cap over Solana. Given Solana’s current status, what would the price of one SOL be if it could reach Ethereum’s market cap?
Analyzing Solana Against Ethereum’s Market Cap
As of now, Solana’s market cap stands at $70.3 billion, while Ethereum’s is at $315 billion. This reveals that Ethereum’s valuation is more than four times greater than that of Solana, indicating that Solana has a long road ahead to catch up. However, this gap is not insurmountable, particularly in the volatile world of cryptocurrencies.
According to information from MarketCapOf, which allows for comparative analysis of cryptocurrency market capitalizations, if Solana were to match Ethereum’s market cap, its price increase would be significant.
The projections indicate that should Solana’s market cap reach $315 billion, its price could soar to over $600, specifically to $670.83. This represents a 4.47-fold increase from its current price or a 447% rise. Such a leap would elevate Solana’s market cap beyond BNB and Tether’s USDT, placing it among the top three cryptocurrencies.
Conversely, should the market cap of Ethereum decrease to match that of Solana, the price of ETH would plunge to levels not seen since 2021. The forecasts suggest that at a market cap of $70.7 billion, ETH could drop to $587.83, indicating a steep decline of 77.5%.
Possibility of Solana Reaching Half of Ethereum’s Market Cap
Recent analyses by VanEck have looked into the Solana versus Ethereum scenario, proposing potential price movements for SOL. They suggest that Solana’s market cap could realistically reach half that of Ethereum, approximately $157 billion. If this occurs, the price of SOL would potentially rise above $330.
Analysts believe that the increase in activity on the Solana blockchain, which has outperformed Ethereum’s, could drive this change. Nevertheless, the slow adoption of SOL by institutional investors may hinder this growth. Despite this, optimism around the altcoin remains strong.