Crypto Analyst Dennis Liu Raises 2025 Solana Price Target to $480, $800 in Bull Case

Investing.com – On Tuesday, the well-known crypto analyst Dennis Liu introduced that his 2023 forecast for (SOL) was incorrect.

Crypto analyst Dennis Liu has revised his 2023 forecast for Solana (CRYPTO: SOL) in mild of recent developments.

Initially predicting a worth vary of $240 to $250 for SOL by the tip of 2023, Liu now believes the token might attain $480 throughout the identical interval. In a super situation, the analyst mentioned SOL might even hit $800.

These projections are primarily based on a number of key metrics, together with Solana’s provision and market capitalization. One other vital issue is the entire market capitalization of the cryptocurrency market, which the analyst anticipates will attain a worth of $250,000 by the tip of 2025.

At present, Bitcoin (CRYPTO: BTC) has a market dominance of fifty%, indicating a complete market capitalization of $5 trillion for all cryptocurrencies.

Solana's market dominance has risen from 0.75% to three% over the previous yr. If this market share stays fixed, Solana's market capitalization would rise to $300 billion, leading to a worth of $479 per token. Ought to the dominance improve to five%, the worth might climb to $800.

Liu famous that his preliminary worth goal for Solana was primarily based on a good situation, the place the token might attain a worth of $240 to $250 by the tip of 2023. Nonetheless, current developments have prompted him to revise his projections upwards.

Solana's elevated adoption is principally pushed by two initiatives: the Solana Cell Initiative and Solana Pay.

Solana Cell, which has been lively for about two years, operates a mobile-first app retailer for decentralized functions. This makes it simpler for brand spanking new customers to entry and use cryptocurrencies, leading to many desiring the Phantom Pockets, in response to Coinpedia.

Solana Pay, a micropayment resolution, helps SOL tokens in addition to stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC). It has been an integral a part of Shopify (NYSE:SHOP) for over a yr.

Investing in crypto belongings might be extraordinarily risky. It's essential to conduct your individual analysis, contemplate your funding targets and threat tolerance, and solely spend money on belongings you might be keen to lose.

Be aware that the cryptocurrency market is extremely risky and unstable, and it's all the time advisable to do your individual analysis earlier than making any funding choices.

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