Here are the price catalysts that can drive Solana to $1,000, says analyst Elliot Wainman
The recent Solana (SOL) hype accompanied by its true strong technical fundamentals have made popular crypto KOL Elliot Wainman believe that Solana can be an Ethereum killer and will rise to $1,000 soon.
According to the trader, the first narrative that has been driving an astronomical amount of Solana hype and excitement is related to Ethereum’s horrific gas crisis:
“With the gas fees literally driving people out of town like a pitchfork mob, what we’re seeing is that people are being forced to leave Ethereum and venture into other lands. And when they come to Solana, what they’re finding out is a hospitable home,”
“Solana community is really impressive. Super helpful, move incredibly fast, and no gas fees just make the entire development experience 10x more user-friendly,”
The trader then cites a table proving that Solana has outpaced other ecosystems in every category:
Besides, Wainman points out that there’s been a lot more interest institutionally in Solan as it is one of the only blockchains that has a compelling long-term road map that will be eventually able to support industrial uses of crypto.
Another reason that has driven Solana’s recent pump is related to NFT Degenerate Apes. Degenerate Apes was Solana’s first big foray into NFTs.
“The collection of 10,000 apes sold out in less than 10 minutes. Now, the trading volume had reached over 600,000 SOL which is over $66 million. Those sales all needed SOL, which is a big factor in the price increase,”
Moreover, the analyst points out that there are over 400 projects built on Solana’s network, including various decentralized finance applications.
“FTX and Alameda Research built their decentralized cryptocurrency exchange called Serum on the network, which also hosts the increasingly popular USDC stablecoin. Another of this month’s crypto stars, Audius (AUDIO), uses the platform too, which may also be a factor behind Solana’s price rise. Plus, TikTok chose Audius as its streaming partner earlier this month.”