In a recent video on Youtube, DustyBC Crypto News host displays optimism for Solana’s potential growth in the current crypto bull cycle. He cites increasing hype, network activity, and ecosystem development as key factors that could fuel a significant price surge for SOL.
Overview of Recent Solana Developments
The host reveals he’s been ramping up purchases of Solana in recent months thanks to major boosts in on-chain activity and overall hype. Solana saw a milestone high of 884,000 active addresses on January 31st, driven in large part by the proliferation of meme coins on the network. The host also highlights growth in Solana’s decentralized finance (DeFi) ecosystem via events like the Jitto airdrop and surging volumes on DEX platforms like Radium and Jupiter.
Meme Coins Attracting New Users
Despite meme coins seeing more success on Ethereum so far, outliers like Bonk have thrived on Solana, catching the attention of many looking to make quick profits. This influx of new users from the meme coin mania has increased usage of Solana’s network. Total Value Locked (TVL) across Solana DeFi protocols has thus surged from $300 million to over $1.6 billion in recent months.
Price Potential in the Current Bull Cycle
Despite retreating from highs of $250 in the 2021 bull market to as low as $12-$15, SOL has regained ground to $100. Given the host’s confidence in ongoing growth drivers like meme coin mania and ecosystem evolution, he clearly believes substantial additional upside is in store.
The host argues Solana has genuine long-term undervaluation at present levels around $100. While SOL pulled back from $125 recently, he views its current pricing as sensible, with no signs of overextension ahead of major growth.
In the near-term, the host sets a conservative estimate of $200 per SOL over the next few months. However, his longer-term outlook is far more optimistic. He suggests Solana achieving a market cap between $200 to $250 billion would not be surprising. This would translate to a SOL price ranging from $600 to $650 at the peak of this bull cycle.
Entertaining further upside, the host believes SOL hitting $750 in this bull market is possible. This would represent a 3x multiple on its previous all-time high from 2021 of $250. Nevertheless, to remain prudent in projections, he sets a base-case target of $650 for this cycle, still a formidable 6.5x increase from today’s price point of around $105.
In an extremely bullish scenario where crypto follows historical market cycles, the host does not rule out SOL rising 10x from current levels to around $1,000.
You may also be interested in:
- Why Ripple’s XRP Doesn’t Look Good According to Chart Analysis
- Top Analyst Predicts “Massive Pump” for Shiba Inu’s SHIB: Bulls Target $0.01
- Crypto Millionaires invest in Life changing A.I platform, Will Polygon (MATIC) recover?
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters