A popular crypto YouTuber and analyst who goes by the name “Crypto Jebb” has released a video making a compelling case for why Solana (SOL) could potentially surge to $1000 during the current bull market cycle.
In the video titled “SOLANA TO $1000! (HERE’S EXACTLY WHY AND HOW!),” Jebb points to Solana’s rapidly growing market capitalization and total value locked (TVL) as key bullish indicators. TVL refers to the total capital locked into a blockchain’s smart contracts and decentralized applications (dApps) – a metric that reflects a network’s usage and development.
Jebb notes that Solana recently achieved a $90 billion market cap, nearly making it the third-largest cryptocurrency. Meanwhile, its TVL has increased tenfold recently amid an expanding ecosystem of dApps and protocols building on the high-speed blockchain.
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Show more +A crucial part of Jebb’s thesis relates to the market cap to TVL ratio from Solana’s previous bull cycle. Back then, Solana had an 8:1 ratio. If this ratio were to repeat, Jebb calculates that Solana’s market cap could swell to $450 billion – which at its current token supply would translate to around $1000 per SOL.
The analyst cites two key factors driving Solana’s growth: its use of the Rust programming language and the new “Solang” tool. Rust allows for highly optimized and secure code, unlocking Solana’s blistering speeds. Solang, meanwhile, enables the porting of Ethereum smart contracts and dApps directly to Solana, potentially attracting huge amounts of liquidity.
If Ethereum’s developers and users migrate en masse to Solana to take advantage of lower fees and faster transactions, Jebb argues the resulting influx of TVL could propel Solana’s market cap well beyond $450 billion and its price past $1000.
While outlining this bullish possibility, the analyst does urge investors to invest cautiously, diversify their portfolios, and prioritize security – even promoting the use of VPNs for crypto traders.
Solana has seen incredible growth already, but Jebb’s analysis suggests there could be much more upside ahead if the stars align for the high-performance blockchain.
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