Crypto entrepreneur and co-founder of BitMEX exchange, Arthur Hayes, says that ETH price will hit $5000 before SOL breaks above $300 price mark. The prediction from Hayes comes as Ethereum starts to accelerate and reclaims above $2,000 after underperforming for weeks.
In his latest X post, Hayes confidently states that the price of ETH will surge past $5,000 while Solana (SOL) tries to reclaim its past gain. For both assets, it will require sharp spikes of 150% and 120%, respectively, in order to achieve the target.
While the BitMEX founder is bullish on ETH, the pathway for its price to break above $5,000 is tough as its current market positioning holds several barriers for such an upward trajectory. Meanwhile, SOL price has the potential to attain such a gain, as it has wide room to grow further in the coming years.
At the time of writing, ETH price is trading at $2,060—up over 8% in the past week. It has been one of the most underperforming crypto assets in the past year, and now Hayes and other analysts are expecting it to recover its past gains.
As per Coinmarketcap data, ETH had marked an all-time high of $4,891 on November 16, 2023 which was in the past cycle 3 years ago.
Solana, on the other hand, is currently down 50% from its all-time high of $294, marked earlier this year on January 19. At the time of writing, SOL is trading near $140 – up 12% in the past 7 days.
The rivalry between Ethereum and Solana is much discussed in the crypto space, with both holding leading positions in smart contract functionality. Ethereum has been dominating this landscape for years, and now Solana has emerged as a tough competitor to challenge its dominance.
Also read: Ethereum Price Hits $2,100! Will ETH Break Its Barrier Of $2.2k?
