Most enterprise capital and hedge funds count on Solana (SOL) to achieve at the least $600 on this bull cycle, in accordance to the “Q4 2024 Crypto Investment Manager Survey” by MV International.
Nearly a 3rd of the survey respondents consider SOL will breach the $600 ceiling, whereas 23.2% see this worth space because the asset’s all-time excessive. The identical proportion see SOL caught between $150 and $300 on this bull cycle, which the survey individuals consider will occur within the second half of 2025.
One liquid fund analyst said that SOL and Ethereum (ETH) will outperform Bitcoin (BTC) on this cycle, though SOL could have a way more important upside. He added:
“It’s a straightforward way to capture the upside of multiple verticals like DePIN and Memecoins.”
In the meantime, a enterprise capital fund analyst said that SOL outperforming ETH is “so consensus it scares.” Moreover, 75% of the survey individuals consider SOL will outperform crypto exchange-traded funds (ETFs) on this cycle.
Not bullish sufficient
The survey interviewed 76 prime liquid funds and enterprise allocators within the crypto market. Half have been enterprise capital funds, and 21.7% have been hedge funds. Roughly 56% of the individuals handle between $10 million and $50 million.
MV International highlighted that “the lack of upside conviction” was stunning, notably in Bitcoin’s case. Most survey respondents consider BTC will peak between $100,000 and $150,000, beneath predictions from institutional researchers comparable to VanEck and Normal Chartered.
The final six months of sideways motion are the important thing issue for quenching traders’ sentiment, with the current upside tail a lot much less priced.
The survey reveals that just about 57% of the respondents consider Bitcoin will peak in 2025, with 45.7% seeing a brand new all-time excessive in subsequent 12 months’s second semester.
‘Alt season’ for a number of
The survey additionally questioned the 76 individuals about the opportunity of a large worth improve for altcoins on this cycle. Nearly 70% of the respondents firmly consider in an alt season, however just for a number of chosen altcoins.
A big enterprise capital associate advised the survey:
“There are 100x more tokens than last cycle. It’s really hard to see all of these moving with a beta to BTC like they did in.”
Tokens associated to the factitious intelligence (AI) narrative are among the many most well-liked by the survey respondents, with 43% of them maintaining an eye fixed out for this altcoin vertical.
Decentralized bodily infrastructure community (DePIN) is available in second, with 14.3% of the individuals manifesting curiosity. Native tokens for DeFi purposes are thought-about a superb funding by 11.4% of the excessive net-worth asset managers.
Alternatively, gaming is the least favourite altcoin sector, as 27.5% think about it the ” worst performer” on this cycle.
A liquid fund managing associate mentioned:
“You don’t need to have crypto companies create a game or a gaming studio. Integration is the best path forward. Don’t try and build the next Call of Duty but have Call of Duty adopt crypto.”
Layer-2 blockchains’ native tokens are additionally among the many survey individuals’ least favourite digital belongings, with 24.6% contemplating this a possible underperforming sector.
Lastly, asset managers for high-net-worth funds are nonetheless cautious about meme cash. Regardless of 43% declaring investments in tokens inside this sector, solely 10% used greater than $10,000 from their respective funds to get publicity to this narrative.
