Following the Solana 1,000% run-up in 2023 and its re-entry into the crypto top 10 by market cap, it has been pitched against Ethereum once again. This was further propelled by the fact that Solana saw its blockchain activity surpass Ethereum’s, and even bringing in more revenue at a time. However, one place where Ethereum continues to surpass Solana is in its market cap. With Solana still well below Ethereum in this category, how much will one SOL cost if it is eventually able to reach ETH’s market cap?
Solana With Ethereum’s Market Cap
Currently, the Solana market cap is sitting at $70.3 billion, compared to Ethereum’s $315 billion at the time of writing. This means that the ETH market cap is more than four times larger than that of SOL. It shows that SOL still has a ways to go before it can catch up with ETH, but the gap is not so wide that it is impossible, especially when it comes to cryptocurrencies.
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Using data from MarketCapOf, which compares the market cap of two cryptocurrencies and then show what one would be at the market cap of the other, we can see how high the SOL price would be if it were to attain the market cap of ETH, and it is substantial.
According to the website, if the Solana market cap were to touch $315 billion like Ethereum, its price will cross $600. More specifically, it would $670.83, which is a 4.47x increase from here, or a 447% increase. This would also push it above the likes of BNB and Tether’s USDT in terms of market cap, making it a top 3 cryptocurrency.
On the flip side of this, if the Ethereum market cap were to fall below to the market cap of Solana, it would send the price crashing to levels not seen since 2021. The website puts ETH at $587.83 at a market cap of $70.7 billion, which would be a 77,5% crash.
Reaching Half The Market Cap Of ETH
VacEck analysts have recently chimed in on the Solana and Ethereum debate, forecasting how high the former can go against the latter. The analysis suggests that the SOL market cap could reach at least half of that of ETH, which would put it somewhere around $157 billion. In this case, the SOL price would be expected to rise above $330.
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The analysts explained that this could happen due to the increase in the activity on the Solana blockchain, which has overtaken Ethereum. One major hiccup though is the fact that institutional adoption of SOL has been slow. However, it does not erase the bullishness that continues to surround the altcoin.
Featured image created with Dall.E, chart from Tradingview.com