Former Goldman Sachs executive Raoul Pal is expressing bullish sentiment toward a large-cap rival to Ethereum (ETH).
In an interview with Wall Street veteran Anthony Scaramucci, Pal claims that by the end of the current cycle, Solana (SOL) could explode to a price “probably over $1,000,” representing a potential gain of at least 604% from current levels.
“I think the range for me is… worst case is $800, average case is about $1,200. High case in a surge case would be $2,500.”
Solana is trading at $142 at the time of writing.
As for whether Solana could overtake Ethereum in terms of market cap, Pal says:
“I don’t think so. I think Solana will grow massively and significantly close the gap with Ethereum.”
Ethereum’s market cap stands at $318.7 billion at the time of writing, while Solana’s is at $67.02 billion.
The macro guru adds that the two blockchains are optimized for different market segments.
“Different chains are used for different things. Ethereum is more secure, it’s probably the chain of choice for the financial industry to build on, whether it’s layer 2 or otherwise, because it’s very secure, very well battle-tested, very well respected, and always innovative.
Solana seems to be more aimed at retail applications and fast-moving applications…
…Ethereum decentralized finance (DeFi) was really the big thing and obviously non-fungible tokens (NFTs) were a big thing, but that also went to Solana.
Such valuable transactions… if banks need to move hundreds of billions of dollars between each other, Ethereum is probably the chain of choice.
Solana…for many fast transactions it is the right choice.
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