Solana's Potential 50% Gain Against Bitcoin Amid Bullish Predictions

Solana (SOL) has been the subject of intense debate among analysts, with some predicting that it could outperform Bitcoin (BTC) in terms of investor returns over the next 12 months. Mert Mumtaz, the founder of Solana-focused developer platform Helius Labs, made this bold prediction, citing several factors that contribute to Solana's potential for higher growth. Mumtaz emphasized that SOL has more upside potential than BTC, stating that "SOL is the most obvious crypto bet…BTC has a good case too, but just basic math on market cap and upside."

Mumtaz highlighted key catalysts for SOL's potential upside, including its battle-tested nature, high concentration of talent, and a balance of retail and institutional investors. He also noted that Solana has the biggest improvements in crypto history to come in 2025, such as doubled blockspace, several new validator clients, and a new consensus mechanism. Mumtaz had previously predicted that SOL might hit $500 in 2025, further underscoring his bullish stance on the cryptocurrency.

Last month, Kyle Samani, a partner at MultiCoin Capital, doubled his bet on SOL, asserting that it would outperform both Ethereum and Bitcoin. Samani argued that Solana's advantages in latency, throughput, and gas costs position it to embrace the future more directly than its competitors. He was convinced that Solana could beat Ethereum in the DeFi and payments sectors and eventually become a trillion-dollar asset. Despite these optimistic predictions, SOL was struggling to hold above $100 amid macro uncertainty at the time of writing. If Samani and Mumtaz’s projections are validated, the current value would be seen as a great discount.

Another potential bullish catalyst for SOL is the approval of a U.S. Spot SOL ETF. However, it remains to be seen whether this approval would significantly boost SOL's performance, as a similar update did not have a substantial impact on Ethereum. Market participants are not overly optimistic about SOL crossing $300 in 2025, with predictions site Polymarket pricing only a 17% chance of SOL hitting a new all-time high before 2026. In contrast, most speculators expect BTC to reclaim its all-time high in 2025, with the most volume parked at the $110k target.

Despite the bearish sentiment, the SOL/BTC ratio, which tracks SOL’s relative price performance to BTC, has been heading towards a key pivotal and likely support level. A rebound in this ratio could tip SOL to regain over 50% of lost ground against BTC. This suggests that while there is skepticism about SOL's short-term performance, there is also potential for a significant recovery in its value relative to Bitcoin.