- Renowned blockchain expert, James Mullarney, predicts that Solana’s price could hit $250, an 870% surge from its current state, riding on Ethereum’s prospective bull run.
- This anticipated surge is linked to Ethereum’s Cancun upgrade, projected to boost Ethereum’s price to $9,700, thereby influencing the Solana market.
In a captivating twist of events, James Mullarney, a prominent figure in the blockchain industry and the host of InvestAnswers, proposes a stellar rise in Solana’s price, foreseeing an increase of over 870%. This surge, he suggests, could take Solana close to its all-time high, and it’s all hinged on Ethereum’s imminent bull market.
Deciphering the Ethereum-Solana Connection
Mullarney’s predictions, revealed in a recent YouTube video, revolve around Ethereum’s forthcoming Cancun upgrade. This crucial update is expected to amplify Ethereum’s scalability, consequently propelling it to new heights in the innovative contract platform arena. Ethereum’s success, in turn, stands to reflect positively on Solana’s market performance.
According to Blofin’s forecast, a crypto-financial services firm Mullarney referenced, Ethereum’s price could escalate to a staggering $9,700 post-upgrade. Blofin’s optimistic projections set the stage for Ethereum’s potential influence on Solana’s growth trajectory.
Mullarney calculates the impact on Solana in the scenario of Ethereum achieving this price point. He explains,
“If Ethereum goes to $9,700, Solana’s price will be at least $250. It’s important to note that a climb to $9,700 for Ethereum from its current state is a 5x increase. And naturally, Solana would progress at a faster rate during this period.”
However, Mullarney does not envision this surge occurring in the immediate future. Instead, he believes it may materialize during the bull run, possibly around early 2025, as opposed to the first quarter of 2024.
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As for Bitcoin, Mullarney maintains his previous stance, anticipating over a 40% increase from its current levels by early next year.
“A few months ago, I mentioned that I wouldn’t be surprised if Bitcoin reached a $42,000 target between January and April of 2024,”
he further expounds.
These predictions offer intriguing insights into the crypto market’s potential dynamism, underscoring the interconnectedness between Ethereum’s performance and Solana’s prospects.
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