Bitcoin rival Solana is expected to hit new all-time highs of $250 by the end of 2021, having jumped 25% in two days amid a buoyant week for other cryptocurrencies, according to a leading crypto advocate.
Nigel Green, founder and CEO of deVere Group, which has $12 bln under advisement, said that “Solana is certainly a rising star of crypto. With its price skyrocketing more than 100 times since the beginning of the year, its potential is becoming impossible to ignore.”
Currently, the price of Solana (SOL) is $208. Its previous price high was $214 in September this year, with Bitcoin peaking at $66,000 on Wednesday.
“I believe that its bull market run will continue for the rest of this quarter and that it will hit new all-time highs of $250 by the end of 2021,” said Green.
The deVere boss predicted in July that Bitcoin would surpass its previous all-time high this year – which was proven right this week. Similarly, he recently nailed his forecast that Cardano would hit $3.
“Solana has smashed past some key resistance levels in recent weeks, indicating that investors aren’t worried about squeezes to the downside,” Green said.
“It’s gaining momentum and, as a result, a growing number of active holders. There’s no reason to expect this to slow considerably before the end of the year.”
Solana is a decentralised blockchain that gives developers a cutting-edge platform to create infinitely scalable decentralised finance (DeFi) apps and enable staking.
“The DeFi sector is about to explode due to the inherent real-world value it can offer almost every sector.
“Investors are increasingly understanding the network’s value not only as a platform for developers but as a worldwide financial utility.”
Green concluded, “Solana is set to quietly outperform the rest of the crypto market this year. It’s one to watch.”