Many venture capital (VC) and hedge funds are predicting that Solana (SOL) could hit $600 or more during this upcoming bull market, according to a recent survey called the “Q4 2024 Crypto Investment Manager Survey” by MV Global.

Around 33% of those surveyed believe SOL will surpass $600, while 23.2% think $600 will be its all-time high. Another 23.2% think SOL will stay between $150 and $300 during this cycle, which many think will peak in the second half of 2025.

One analyst from a liquid fund stated that both Solana (SOL) and Ethereum (ETH) are expected to perform better than Bitcoin (BTC), with SOL having the most potential upside. He pointed out that Solana is a simple way to benefit from various trends like DePIN (Decentralized Physical Infrastructure Networks) and meme coins.

Meanwhile, a VC analyst noted that the idea of Solana outperforming Ethereum is becoming such a common belief that it’s starting to raise concerns. Additionally, 75% of those surveyed think SOL will do better than crypto exchange-traded funds (ETFs) during this cycle.

The survey included input from 76 top liquid funds and venture capital players in the crypto space. About half were VC funds, while 21.7% were hedge funds. Most of these participants manage between $10 million and $50 million in assets.

Interestingly, the survey showed that many investors are unsure about Bitcoin’s potential upside. Most respondents believe BTC will peak between $100,000 and $150,000, which is lower than what big institutions like VanEck and Standard Chartered are forecasting.

The sideways price action of Bitcoin over the past six months has played a big role in lowering investors’ expectations. However, nearly 57% of respondents think Bitcoin will reach its peak in 2025, with 45.7% expecting new all-time highs in the second half of next year.

When asked about altcoins, almost 70% of the participants believe some altcoins will see huge price increases during this bull market, but only specific ones. A large VC partner highlighted that there are far more tokens now than in previous cycles, making it hard to see all of them rising in sync with Bitcoin as they once did.

Tokens connected to artificial intelligence (AI) are among the most watched by these investors, with 43% keeping an eye on AI-driven altcoins. DePIN tokens were also popular, with 14.3% of respondents interested in them. Meanwhile, native tokens for decentralized finance (DeFi) applications were seen as a good investment by 11.4% of asset managers.

On the flip side, gaming-related tokens were considered the least promising, with 27.5% labeling them as the “worst performer” in this cycle. One liquid fund manager suggested that instead of creating new games or gaming studios, crypto companies should focus on integrating with existing popular games like Call of Duty.

Layer-2 blockchain tokens didn’t score well either, with 24.6% of participants predicting underperformance in this sector.

Lastly, high-net-worth asset managers are still cautious when it comes to meme coins. While 43% admitted to having investments in meme tokens, only 10% allocated more than $10,000 to this niche.