Top Analyst Miles Deutscher Sees Solana (SOL) Potentially Hitting $1000 with 5-10x Upside

Solana (SOL) has been one of the top performers in the current crypto cycle, boasting a 20x increase from its bear market lows

Top crypto analyst Miles Deutscher sees Solana (CRYPTO: SOL) having the potential to reach $1,000 with a 5-10x upside.

What Happened: Deutscher highlighted 10 solid reasons for his bullish outlook on the apex meme coin chain.

According to the analyst, one of the key reasons for SOL’s success is its consistent relative strength.

Despite market fluctuations, Solana has maintained its prominence, largely driven by its dominance in the meme coin space.

During major events like the Bitcoin conference, Solana ranked second only to Bitcoin (CRYPTO: BTC) in terms of mindshare.

This strong attention has created a feedback loop, driving both price and further interest in the token, Deutscher said.

The analyst likened Solana to a crowded casino, where the SOL token acts as chips and meme coins as the games.

The more participants enter the ecosystem, the more value is surged.

Solana’s user-friendly platforms, like Phantom, make it easier for new retail investors to get started, positioning the network to capture even more market share as interest in crypto rises.

According to Deutscher, Solana’s market cap, relative to Ethereum (CRYPTO: ETH), presents significant upside potential.

Currently valued at 4.4x ETH, SOL could see its price skyrocket if ETH reaches $5,000, pushing SOL to between $660 and $1,320.

Additionally, Solana is leading the way in new DeFi users, outpacing major networks like Bitcoin and Tron.

This growth is driven by the booming meme coin market, further solidifying Solana’s position in the DeFi space.

Solana’s Total Value Locked (TVL) recently reached its highest level since January 2022, surpassing $5.367 billion, according to DeFi Llama data.

Moreover, SOL’s decentralized exchange (DEX) volume has exceeded Ethereum’s on a 30-day trailing basis, signaling robust activity within the ecosystem.

On July 29, Solana generated more revenue than Ethereum, Optimism, Arbitrum, and Base combined, according to Footprint Analytics data.

This surge in revenue highlights the strength of Solana’s ecosystem, particularly its role as a “meme coin casino.”

Solana’s upcoming Firedancer upgrade is poised to be its most significant yet.

As a second validator client, Firedancer aims to scale Solana’s transactions per second (TPS) to 1 million on the testnet.

The upgrade will enhance network efficiency and reduce vulnerabilities, making the blockchain more attractive to institutional investors.

Speaking of institutions, asset managers like Hamilton Lane, with $920 billion under management, are already launching funds on Solana, highlighting its growing appeal.

This shift indicates Solana’s ability to compete with Ethereum in sectors like Real World Assets (RWAs).

Finally, the recent filing of a SOL ETF by VanEck could be a game-changer.

If approved, it would pave the way for significant institutional capital to flow into Solana.

Other major players like BlackRock and Fidelity are likely to follow, further boosting SOL’s price potential.

Solana Price Action: At last check Friday, Solana was down 2.35% during the past 24 hours, trading at $153.65.

Solana has a 24-hour trading volume of $3.105 billion, according to CoinMarketCap data.

See More: Best Cryptocurrency Scanners For Solana Meme Coins In 2023: A Complete Guide With Tips, Tricks and More

Solana (SOL) price experienced a downturn of 1.8% in the past 24 hours and a rise of 30% over the last seven days. At the time of writing, SOL is valued at $153 and ranks as the apex meme coin chain.

According to data from DefiLlama, the total value locked (TVL) on Solana’s blockchain has experienced significant growth, rising from $1.533 billion in January to $4.972 billion at present.

The seven-day highs and lows for SOL price were $141.05 and $161.8, respectively.

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