$461 Solana (SOL) Price Target on the Table if Ethereum (ETH) Does This Next Bull Cycle: InvestAnswers

A closely followed crypto analyst says that traders may be underestimating Solana's (SOL) potential in the next bull market. In a new strategy session, the host of InvestAnswers says that his base-case thesis for SOL is that it should reach 10% of Ethereum's (ETH) market cap during the next market expansion.

Timeline of Ethereum, Solana

ETH's net issuance has been rising after bouncing from its 3-month low. The net issuance surged as high as 0.50%, which is not only the highest recorded during that period but also higher than Bitcoin.

Key Points: FTX trustee has undertaken significant staking activities. On the 14th, the FTX trustee estate successfully staked a substantial 5.5 million SOL, equivalent to a staggering $121 million, through Figment.

Blockchain records have shed light on a development involving the trustees of the now-defunct exchange FTX, who are overseeing its bankruptcy proceedings. They have committed 5.5 million solana (SOL) for staking. Meanwhile, the current market value of FTX's total solana assets is a hefty $1.16 billion.

Unveiled in May 2022, the novel Ethereum (ETH) proposal is set to enable the creation of a completely new type of tokens with previously unseen functionalities. Familiar assets on Ethereum (ETH) and other EVM blockchains will be upgraded to small decentralized applications.

Today Lookonchain, an on-chain analytics firm, reported that an address associated with Ethereum co-founder Vitalik Buterin transferred 1,000 ETH tokens, valued at approximately $1.64 million, noting that the coins are likely headed to Bitstamp, a popular cryptocurrency exchange. Frequent Activity in Ethereum Co-founder's Wallet This isn't the first time that Buterin's wallet has been active.

On October 1st, the Solana coin price took a definitive leap past the $22 resistance, hinting at the continuation of its ongoing recovery trajectory. This surge also eclipsed a noteworthy peak from the preceding corrective phase, suggesting a potential shift in market dynamics.

Whales are major players in the industry who accumulate or dump tokens of various types of cryptocurrencies. They either take advantage of prices, macroeconomics, accumulate tokens or leverage falling prices to buy the token.

Solana has successfully implemented its 1.16 upgrade, introducing several new features, including improved runtime support for zero-knowledge proofs and enhancements for validators. However, the highlight of this upgrade is the “confidential transfers,” a feature that allows fully encrypted transactions for SPL tokens, bolstering user privacy. Solana's 1.

Ethereum's price action has been relatively bearish in recent months, breaking below multiple support levels. However, investors can still be hopeful that an upward movement may be on the horizon.

In the last three weeks, the Solana coin price has outperformed some major cryptocurrencies as it registered nearly 40% growth when rising from the $17.4 to $24.6 mark. Amid this rally, the coin price gave a high momentum breakout from the local resistance of $22.2 indicating the buyers are ready for further gain.