Super Bullish Solana (SOL) Price Prediction: Details
TL;DR
- SOL’s Growth: Solana’s SOL surpassed $60 recently, igniting investor enthusiasm for further increases.
- Predictions for SOL: Analyst Jacob Canfield forecasts SOL could outperform Ethereum, potentially reaching a $1,000 price point, bolstered by significant partnerships.
- Current Market Status: Despite its growth, SOL is still below its 2021 peak, but shows bullish signs with high trading volumes and notable institutional investment.
Could SOL Experience an Astronomical Rise?
Solana’s native token – SOL – has charted massive gains in the past several months, capturing much of the investors’ attention. Last week, it surpassed $60, a valuation last seen in May 2022, triggering additional enthusiasm across the community and infusing hopes that a further rally could be around the corner.
One cryptocurrency trader who believes this is the case is the X (Twitter) user Jacob Canfield. He thinks SOL could continue trending against Ethereum (ETH) and emerge as “the biggest winner” in the next crypto’s bull run cycle.
Moreover, Canfield predicted that Solana’s coin would triple or quadruple its all-time high market dominance and become the second-biggest cryptocurrency by market capitalization, reaching a price of whopping $1,000. He also reminded that the blockchain platform could benefit from its existing partnerships with giants like Google and Amazon.
Subsequently, Canfield claimed that people should diversify to have a better chance of success, recommending investing in both ETH and SOL:
“No reason not to have allocations to both. It’s like trying to bet on Microsoft or Google. Tesla or Ford. Just buy both.”
Two Years Since the ATH
Despite its impressive price ascend lately, SOL is still far from its peak level registered in November 2021. Back then, the coin’s valuation hit almost $260, meaning the asset is currently worth 78% less than two years ago.
Nonetheless, the ongoing condition of the coin seems quite bullish. As CryptoPotato reported last week, Solana’s network has surpassed Polygon in daily decentralized exchange (DEX) trading volume. The former registered a volume of over $240 million, while the latter sat at approximately $137 million.
SOL has also attracted institutional investors. It has recorded $74 million in such inflows year-to-date, being second to Bitcoin.
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