Can Solana Reach $500?
Can Solana reach $500? Read our detailed analysis
|Current Market Cap||$8.1 B||Higher|
|Trading Volume||$97.4 M||Steady|
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||9.1%||Higher|
Solana reached an all-time high of $259 in November 2021. Solana is down 90% from an all-time high. Before we get into Forecasts, let us quickly look at the latest news
Latest Solana News And Statistics
- Solana has introduced “Solana Permissioned Environments,” which are customized instances of the Solana Virtual Machine designed for enterprises. This allows businesses to use Solana’s protocol for their internal infrastructure or collaborate with partner networks.
- SOL Rank: 10th, Ethereum ranked 1st
- Last 7 days change: SOL: +2.9%, ETH: +7.4%
- Last 1-month change: SOL: -12.2%, ETH: -9.0%
- TVL: SOL: $310.4M,ETH: $21.2B
Solana NFT Data (30 days)
- Solana Rank: 4th, Ethereum Rank: 1st
- NFT Sales: SOL: Dropped by 14.9%, ETH: Dropped by 38.8%
- UAW: SOL: 7.4K, Top three blockchain games: 520K
- Volume: SOL: $858, Top three blockchain games: $70.1K
Solana, Buy or Sell, Crowd Poll
Net Buy %= Buy%–Sell%
- June 25th: +24.4%
- July 1st: +12.9%
- Aug 21st: +52.5%
- September 11th: +42.2%
- September 18th: +51.0%
- September 22nd: +50.9%
Can Solana Reach $500?
At $500, Solana’s Market Cap would be 20% higher than Ethereum’s Market Cap today. Ethereum reached this level in about 5 years, so in Theory, Solana could easily rise to $500. However, there are some barriers
- Ethereum built a huge smart contracts base by enabling the launch of numerous ERC-20-based Tokens in the market. However, Solana has no such parallel.
- Ethereum quickly established itself as a market leader in DeFi and NFTs, Solana is just second in NFTs and a distance 12th in DeFi
- Lastly, unlike Ethereum, Solana has to contend with numerous competitors and specialists (Cardano, Matic, Tron, and BNB)
Given the differing environments and competitive advantage, Solana is unlikely to find it easy to reach $500. Even if we assume Solana rises at a moderate 25% per annum, it would take Solana 14 years to reach $500. Long-term forecasts tend to be imperfect and unreliable. As things stand today, we don’t think Solana can reach $500. Should there be changes in the environment that benefit Solana, this would become a more realistic possibility.
- Solana vs Ethereum vs Cardano Social Media Sentiment Live
- Cardano Price Prediction
- Ethereum Price Prediction
- Bitcoin Price Prediction
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.