Helius CEO Mert Mumtaz has made an audacious declaration that is stirring discussions across the crypto community. The executive, known for his unwavering support of the Solana ecosystem, asserted that Solana will eventually overtake XRP in market capitalization.
In a daring twist, Mumtaz stated that if his prediction fails, he will use a pencil sharpener to shave his head. His remarks reflect a strong belief in Solana’s long-term fundamentals despite the network’s recent price decline and market volatility.
Mumtaz’s Confidence in Solana’s Growth
Mumtaz’s confidence in Solana stems from his direct involvement in the network’s infrastructure through Helius, a platform that powers blockchain tools for developers. He has repeatedly highlighted Solana’s technical advantages and scalability compared to XRP.
Despite recent headwinds, he maintains that Solana’s ecosystem will outpace XRP’s, both in innovation and market performance. His statement comes at a time when Solana’s price has been under pressure, signaling a testing phase for long-term investors.
Solana’s Market Struggles and Price Levels
As of press time, Solana trades at around $151.83, marking a 5.54% daily decline and a 19.10% drop over the past week. Its market capitalization stands near $84 billion, based on a circulating supply of 550 million tokens. Analysts note that the asset has entered a critical technical phase.
Source: X
According to 𝐊𝐚𝐦𝐫𝐚𝐧 𝐀𝐬𝐠𝐡𝐚𝐫, Solana is aiming for the ultimate discount, with the $110–$130 range acting as an extreme support zone. This level historically triggered strong rebounds, often preceding major rallies. If the price holds within this zone, a double-bottom formation could emerge, potentially setting up a recovery toward $200 and later $280.
Risks of Treasury Sell-offs and Forced Liquidations
However, not all analysts share the same optimism. 𝐓𝐞𝐝𝐏𝐢𝐥𝐥𝐨𝐰𝐬 observed that Solana’s treasury-related companies are currently under severe pressure. He described the situation as a “free fall,” suggesting that the treasury bubble may already be bursting. Should this continue, it could trigger a cascade of forced selling, adding more downward pressure on the token.
