Ex-Goldman Sachs executive Raoul Pal is expressing bullish sentiment on a large-cap Ethereum (ETH) rival.
In an interview with Wall Street veteran Anthony Scaramucci, Pal says that by the end of the current cycle, Solana (SOL) could explode to a price that’s “probably north of $1,000,” representing a potential gain of at least 604% from the current level.
“I think the range for me is.. worst case is $800, mid case is like $1,200. Upper case in a blowoff top would be $2,500.”
Solana is trading at $142 at time of writing.
On whether Solana could outgrow Ethereum by market capitalization, Pal says,
“I don’t think so. I think Solana grows massively and closes the gap massively with Ethereum.”
Ethereum’s market cap is at $318.7 billion at time of writing while Solana’s is at $67.02 billion.
The macro guru further says that the two blockchains are optimized for different market segments.
“Different chains are used for different things. Ethereum is securer, is probably the chosen one for the finance industry to build on top of whether it’s layer-2s or whatever because it’s very secure, very well battle-tested and very respected and still innovative.
Solana seems like it’s more for retail application and fast-moving applications…
…Ethereum decentralized finance (DeFi) has really been the big thing and obviously non-fungible tokens (NFTs) were very big, but that’s also gone to Solana.
So valuable transactions… if banks are going to transfer hundreds of gazillions of dollars between each other, Ethereum is likely the chain of choice.
Solana… for lots of rapid transactions, it’s the right choice.”
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