A popular cryptocurrency trader has recently said he is “hyper bullish” on the smart contract platform Solana (SOL) going into 2024 after analyzing the cryptocurrency’s price against leading smart contract platform Ethereum (ETH).
In a post shared with their over 200,000 followers on the microblogging platform X (formerly known as Twitter), popular cryptocurrency trader Altcoin Sherpa noted that the bear market was “erased in a matter of months” as Solana’s price rapidly rose throughout this year to now be up more than 990% year-to-date.
To Altcoin Sherpa Solana is “hyper bullish going into 2024,” and as a result the analyst said they will keep on holding onto their funds.
As CryptoGlobe reported Solana has been seeing an impressive price rise so far this year, to the point it has overtaken Binance’s BNB token by market capitalization, making it the fourth largest digital asset by the metric, behind Bitcoin, Ethereum, and Tether’s USDT.
According to available data, Solana currently has a market capitalization of $48.59 billion, while BNB’s market capitalization stands at $45.2 billion. Solana’s price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
Featured image via Unsplash.