Is Solana (SOL) Set for a 50x Leap in 2024? Find Out Why!

• Analyst Forecasts Potential 50x Surge for Solana (SOL) in 2024
• Possible Obstacles to Solana's Rally
• Could Solana Replicate Ethereum's 2018 Run?
• Potential Inflation of SOL Token

Analyst Forecasts Potential 50x Surge for Solana (SOL) in 2024

There has been a turbulent start to the year for digital assets. However, Solana$104 5.03% (SOL), often referred to as the Ethereum$2,315 -2.42% killer, could potentially be planning to emulate Ethereum's 50x returns in 2018. After a favorable conclusion to 2023, observations have been made of the asset's potential to exceed Ethereum, particularly if it replicates Ethereum's bull run.

Possible Obstacles to Solana's Rally

Despite the mounting optimism, certain challenges could possibly obstruct an upcoming rally.

Could Solana Replicate Ethereum's 2018 Run?

The excitement surrounding Solana is palpable, especially as we move into the new year. The overall cryptocurrency market is also in high anticipation of how various assets will perform throughout the year. Analyst Raoul Pal predicts that Solana (SOL) could experience a 50x surge in 2024, similar to Ethereum's surge in 2018 which launched the latter to unparalleled levels. Traders are also bracing for an influx of new funds as the year progresses.

According to Pal, the chart of Ethereum in 2018 and Solana's chart are practically identical. He noted, ETH did 47x from that low. Consequently, Solana could thrive as an alternative to Ethereum, with its closed system, dedicated community, and lower transaction fees already posing a significant challenge to Ethereum.

Potential Inflation of SOL Token

On the other hand, some are of the opinion that an inflation of the SOL token could stifle any rally. When SOL reached its previous all-time high in 2021, its market cap surpassed $75 billion. To achieve a new all-time high over $260, it would necessitate a market cap of $111 billion. While not implausible, it certainly dampens expectations for the asset's potential performance in 2024.

Edited by Jonathan Stoker