The likes of Solana and Algorand have done well lately. Not just on the price front, but as far as ecosystem-centric developments are concerned too. Solana, for her part, saw a lot of variation on her charts, with her price hitting $ 215 a few weeks ago. Meanwhile, money is pouring into Algorand after El Salvador announced it would develop blockchain infrastructure using its network.
Moreover, even compared to Ethereum and most of its alternative colleagues, Solana and Algorand have done incredibly well.
Different analysts have shared varied bullish narratives for the tokens in question. The latter is no different, with the alias host of Coin Bureau recently sharing his “realistic” price targets for ALGO and SOL.
On the question of Algorand, the alt’s historical price hasn’t been pretty. Part of the reason, according to the analyst, is that ALGO started trading in the middle of the previous bull market. What’s more, the accelerated vesting and structured selling schemes may have played a part too.
“The steadily increasing supply of ALGO has historically suppressed its price, although this appears to be slowly changing. ALGO recently pushed past its ICO price of $2.40 and though it was quickly pushed down as investors took profits, I believe that ALGO could reach new all-time highs in the coming weeks.”
In fact, the analyst believes that Algorand could eventually become one of the top ten cryptocurrencies by market cap, especially once all of the sales from his Accelerated Acquisition are completed.
“This would correspond to about a 3x to 4x increase in price, which is a realistic long-term explanation, and just to clarify by long-term, I mean one to two years.”
SOL, on the contrary, has withstood the recent stock market crashes rather well. In fact, at the time of writing, it wasn’t too off from its latest ATH either. According to the trader, compared to ALGO, lower gains for SOL can be expected.
“Because SOL’s market cap is already very large, it has much less wiggle room than Algorand in terms of price gains. If SOL hits $ 220 in the coming weeks, that will equate to a whopping 1000 times return for SOL ICO investors.
A realistic long-term price target for SOL would be above $300, slightly lower than a 2x move from its current price levels, the analyst added.