Hedge Funds and VCs Anticipate 4x Surge for Solana, Projecting $600 Milestone

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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November 12, 2024 02:13 EST

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Many venture capital firms and hedge funds predict Solana (SOL) will hit at least $600 during this bull cycle, according to MV Global’s recent quarterly Crypto Investment Manager Survey.

“Solana is a consensus long among almost every allocator we spoke to,” the firm said in its survey.

Solana is currently at a 3-year high, trading at about $217, a 5.5% jump on the day. This surge aligns with a broader crypto market upswing. Bitcoin set a new record surpassing $88,000, trading as much as $89,864 on Nov. 12.

The survey, conducted in October, gathered responses from 76 venture allocators in the crypto space.

30% of Investors Forecast Solana Above $600, Predict Stronger Gains than Bitcoin

Nearly one-third of respondents believe SOL will exceed $600. Meanwhile, 23.2% see this as its peak for the current cycle. Another 23.2% expect SOL to remain between $150 and $300. They anticipate the market’s peak in the latter half of 2025.

A liquid fund analyst said Solana and Ethereum (ETH) are expected to outperform Bitcoin during this cycle. SOL, in particular, has a significantly higher growth potential.

On the other hand, another analyst forecasted that global liquidity will experience a significant boost over the next 16-24 months due to substantial deficits from the incoming US president, creating a strongly bullish outlook for Bitcoin.

Market Top Predicted in 2025

Further, the survey said that most allocators predict that Bitcoin will peak between $100,000 and $150,000, which is lower than the ambitious forecasts made by institutional analysts, like VanEck, Standard Chartered and Grayscale.

“Upside sentiment has been reduced because of the last six months of market chop,” the firm said.

A Twitter poll the firm conducted echoed this view, with the majority giving a similar response. MV Global said it believes the market’s recent six-month volatility has tempered expectations for major gains, reducing the reflection of high return potential in current prices.

Almost half of the investors surveyed expect the crypto market to peak in the second half of 2025, suggesting that this belief may already be priced into the current market.

Opinions on Ethereum (ETH) were more divided. One-third of participants expect its peak to range between $3,000 and $5,000, while another third foresee it reaching between $5,000 and $7,000. At this stage, adopting a bullish outlook on ETH might be viewed as a contrarian move.