Solana (SOL), the public blockchain, has surged past $126 today, reaching a new high since April last year. Santiago R Santos, former partner at ParaFi Capital and founder of EON Capital, boldly predicts that Solana will eventually surpass Ethereum, with an 80% chance that SOL’s market value will surpass Ethereum’s within 3 years.
Since mid-October, Solana has been skyrocketing from around $20. After breaking the $100 mark on the 24th, it has now surpassed $120, reaching a peak of $126.36 today.
As of the time of writing, it is currently trading at $119.3, with an 8% increase in the past 24 hours and a growth rate of over 104% in the past month.
The current market value of SOL has exceeded $10 billion, according to CoinMarketCap data. It now ranks as the fourth-largest cryptocurrency by market capitalization, with a market value of $51.2 billion, surpassing Binance Coin’s $40.2 billion by over $10 billion. It is only behind Bitcoin, Ethereum, and USDT.
With SOL’s continuous surge, Santiago R Santos, former partner at ParaFi Capital and founder of EON Capital, who has been involved in cryptocurrency investments since 2013, boldly predicts that Solana will eventually surpass Ethereum. He has increased the probability of Solana surpassing Ethereum within this cycle (3 years) from 20% at the beginning of the month to the current 80%.
Santiago R Santos explains that he does not set this probability at 100% because nothing is certain. His assumption is that the rotation within the cryptocurrency market will be more centered around SOL. Compared to other networks, SOL’s performance will be superior and will narrow the gap with other networks. The influx of new funds into SOL will be higher.
Santiago R Santos concludes that as funds flow in and the overall market cap increases, the high correlation within the cryptocurrency market will continue to exist in this cycle. The fully diluted market cap (FDMC) and price of ETH and SOL may rise, and the SOL/ETH ratio will converge, with their fully diluted market caps eventually equaling 1:1.
Previously, Santiago R Santos stated that Solana can surpass Ethereum without the need for Ethereum’s market value to shrink. With various applications and improved utility, SOL and its ecosystem could become a relatively profitable investment avenue and attract retail and institutional investor funds in the next market cycle.
