Despite recent changes in the cryptocurrency market, Solana Smart Contracts are still aiming to make a run at knocking Ethereum off its perch. At $76.8 billion, Solana has big plans to challenge Ethereum. Ethereum now has a market cap of $302 billion and with it, great competition. This ambition comes at a time where the outlook and market movements for both cryptocurrencies have remained largely mixed.
By January 2025, Solana had reached an all-time high of over $293.31. Its current trading price is just above $145, down 21% for the year to date. For perspective, Ethereum, the second largest crypto asset, is down 18% on the year.
The popular cryptocurrency Solana has received widely different price predictions from Standard Chartered analysts. They even predicted a $275 price tag on Solana by the end of this year. By the end of 2029, they predict it will skyrocket to $500. Those same analysts expect Ethereum to hit 4,000 in 2025 and go as high as 7,500 by 2029. While Standard Chartered believes Solana will be a huge success going forward, they say it will lag Ethereum over the next two to three years.
Yet the optimism that energizes some new investors is tempered by the realities that Solana faces. Reports indicate "declining usage" following the waning meme coin surge, and the platform faces scaling hurdles that could impede its broader utility beyond its current focus.
Anthony Scaramucci, who made his crypto debut in 2020, is personally heavily invested in the two.
"nine figures on the corporate balance sheet in Bitcoin and Solana" - Anthony Scaramucci
He does not harbor negative sentiments towards Ethereum.
"I don’t really have an opinion on ETH" - Anthony Scaramucci
Scaramucci has expressed a greater understanding of Solana's potential.
"I just understand the Solana story a little bit better" - Anthony Scaramucci
