Solana Forecast: Will Solana (SOL) Reach $500?
Solana token prices have performed exemplarily in the year to date, and now investors are asking, will Solana reach $500? And if yes, when?
Well, there is a lot of optimism within the crypto community that Solana token prices will rise again and that it will most probably reach $500 before the turn of the decade. Some analysts are even more optimistic and hold on to a belief shared by the wider crypto community at the height of the crypto rally that SOL token prices could reach $500 within the next five years.
These optimists argue that Solana is more scalable and more developer-friendly than Ethereum and most other Ethereum killers. Therefore, with more updates to the network as well as its fast-paced adoption by both individual investors and the corporate world, they believe it will achieve this target price soon.
But when will SOL token prices reach $500? More importantly, what happens when the Solana token prices hit this price level.
We answer both questions in this Solana investment guide, tell you if the token can reach $100 before the end of the year, and seek expert opinions on whether it is a good investment.
Let us start by looking at when it will hit this target.
When Will Solana Reach $500?
The truth is no one can tell, with utmost accuracy, when or if Solana will ever reach $500. When and if it hits this target price is highly dependent on multiple variable factors like the adoption of the blockchain technology, the recovery and possible rally of the crypto market, the uptake of future Solana network upgrades and partnerships.
But crypto analysts have mastered the art of predicting the price direction an altcoin is most likely to take by studying its past price action and examining the potential of its underlying blockchain technology. For the case of Solana, most of these analysts are convinced that its prices have the potential to grow and that it will most likely reach $500 within the next 10 years.
Analysts at Coinpedia describe Solana as one of the most formidable Ethereum Competitors. And they believe that its 50k transactions per second feature and highly innovative platform have future-proofed it from possible Ethereum upgrades. These experts even toy with the idea of Solana eventually overtaking Ethereum as the dominant smart contract-capable blockchain, which would catapult its SOL token prices to unimaginable heights. But in its journey there, these experts believe that it will first rise to $300 in 2025 and proceed to reach $500 before 2030.
Crypto experts at RippleCoinNews website agree with Coinpedia analysts’ views on the future of the Solana blockchain and coins.
Both platforms believe that Solana will hit $300 by 2025 and rise to $500 before the turn of the decade. And in addition to the scalability and innovative platform features highlighted by Coipoedia, experts here also believe that future updates and upgrades to the Solana network will play a crucial role in influencing SOL token prices.
The most optimistic Solana price predictions are provided by Gov Capital and CryptocurrencyPricePrediction websites. Both use technical analysis to forecast the future prices of different cryptocurrencies, and their analysis reports of Solana indicate that the altcoin will reach $500 within the next five years.
The SOL token price analysis by Gov Capital, for instance, expects Solana SOL to break above its current all-time in early November before rising further and ending the year selling for around $69. It then indicates that SOL token prices will rise steadily and eventually reach $500 in the first week of April 2024.
CryptocurrencyPricePrediction, on the other hand, expects the Solana altcoin to break above its current all-time high and push its value above $100 in October this year. It then foretells of a spirited SOL token price rally that tears above $500 in September next year.
From these predictions, it is apparent that SOL will eventually reach $500. But what happens after that.
Check Out: Why Solana Is Going To Explode
What Will Happen If Solana Reaches $500?
If and when the coin eventually reaches this target price, several things will happen:
- First, and the most obvious, Solana’s market cap will explode. With a total supply of 494.52 Million SOL tokens, the price of $500 token price would give the Solana network a $247.26 Billion market capitalization and possibly earn it a place among the 10 largest cryptocurrency projects.
- Secondly, it would draw in more speculative investors whose increased demand for the altcoin against a limited supply would help in pushing SOL token prices further up.
- It would also give a major boost to Solana blockchain’s credibility, which - in turn - makes it appeal to the corporate world, drawing institutions that come to invest in SOL tokens and build dApps and other programs on the Solana decentralized blockchain.
- A few analysts have also suggested that a push towards or above $500 would also help Solana overtake competitors to the Ethereum killer throne. It would also help challenge Ethereum’s dominance as the most popular smart contract-capable blockchain.
But to get to $100, Solana tokens first need to reach $100. Can they get here before the end of the year?
Will Solana Reach $100 in 2021?
Solana could reach the $100 mark, but experts believe it will be highly unlikely that SOL token prices rise beyond $100 before the end of the year. Though the industry players are highly optimistic that Solana will rise again, they aren’t convinced that the rate of the recovery will be high enough to push the token prices above this target price.
Interestingly, Solana only needs to triple its current value to break above $100. And it is highly possible because it is already up by close to 30X in the year to date. But several hindrances stand in its way.
Chief among them is the ongoing crypto market crisis. No one knows how long it will last. And even when it eventually lets down, we cannot accurately tell whether it will be followed by a rally and the rate of growth for such a rally. There are just too many variables that make getting the correct price prediction for the altcoin almost impossible.
But all is not lost. There is hope that the Taproot upgrade for the Bitcoin blockchain due in November will excite the crypto market and accelerate its recovery. Though we can only wait to see how high up the recovery will take the market.
Don't Miss: Is Solana Worth Buying?
Is Solana a Good Investment?
Solana is a good investment because it has been uptrending and shows no signs of letting down. It is a good long-term investment because its highly innovative blockchain technology future-proofs it from possible Ethereum blockchain upgrades. Not to mention that its unmatched scalability and easy-to-use platform make it one of the most promising blockchains.
Solana prices are also quite volatile and aren’t foreign to drastic moves during the day or in a few days. For instance, the coin has been ranging between $26.53 and $34.97 for the past 7 days. This makes it a good investment for day traders and other short-term crypto traders.
Conclusion: Will Solana Reach $500?
It is highly likely that Solana tokens will eventually reach $500. The crypto community is overly bullish about Solana token’s future and confident that SOL token prices will rebound and rise parabolically over the next few years.
A majority of crypto experts see Solana reaching $500 within the next 10 years, but a few still believe that it has a chance of hitting this critical milestone within the next 5 years. The optimism of the crypto market, the warm welcome with which it has been received in the crypto industry, and the promise of its blockchain technology make it one of the best investment products.
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