Crypto Gloom

SOL’s path to $600 in 2024 as altcoins gain momentum in the market

Almost all top cryptocurrencies have seen growth over the past seven days. Some cryptocurrencies have even surpassed Bitcoin. Solana gained 34.7%, well above BTC’s 7-day gain of 28.1%. The current price of Solana is $217.71. According to MV Global’s Q4 2024 Cryptocurrency Investment Manager Survey, SOL prices could reach around $600 during this bull cycle. Let’s take a deeper dive into what the survey report conveys.

Solana’s $600 Potential in Bull Cycle

The Crypto Investment Manager survey focuses on venture capital and hedge fund sentiment towards major cryptocurrencies in the current bull cycle. 76 top funds participated in this survey. At least 33% of respondents predicted that Solana’s price could exceed $600 in the current cycle. Meanwhile, at least 23.2% expect the Solana price to reach the $600 level, but no higher. However, the remaining respondents suggested that SOL prices will remain within the $150 to $300 range throughout the currency cycle.

Solana and Ethereum are expected to surpass Bitcoin.

Over the past 30 days, Solana has gained 49.2%, outperforming Bitcoin (40.6%) and Ethereum (37.7%). The survey report highlights that Solana and Ethereum could outperform Bitcoin in the current cycle, pointing to SOL’s exposure to sectors such as DePIN and Meme Coin.

Moreover, at least 75% of survey respondents believe Solana can outperform cryptocurrency ETFs in the current cycle.

The survey highlights that Bitcoin price could reach a high range of $100,000 to $150,000 in the current cycle.

Selective Altcoin Boom in 2025

According to the survey report, most funds are anticipating a limited altcoin season with a focus on specific tokens. At least 43% of survey respondents expressed trust in AI-related tokens. Almost 14.3% preferred DePIN tokens.

Skepticism Surrounding Meme Coins, Gaming, and Layer 2 Tokens

Nearly 27.5% of survey respondents expressed skepticism about the growth of the gaming token sector. Likewise, at least 24.6% expressed indifference toward layer 2 tokens. The majority of survey respondents appeared reluctant to increase their exposure to meme coins, indicating a lack of trust in this asset sector. According to the report, only 43% have exposure to meme coins and only a minority have invested more than $10,000.

In conclusion, MV Global’s survey provides valuable insights, capturing both optimism about certain tokens, such as AI-related tokens, and caution about others as the market prepares for a potential peak in 2025.