Will Solana Recover back to $250?
Article Coverage: Latest Performance of Solana, Solana News, and Will Solana Recover back to $250?
| Metric | Value | Trend |
|---|---|---|
| Current Price | $144.00 | Higher |
| Trading Volume | $6.1 B | Higher |
Latest Solana Price
| Metric | Value | Trend |
|---|---|---|
| Current Price | $144.00 | Higher |
| Trading Volume | $6.1 B | Higher |
Solana Price Performance so far
| Last 7 Days | +2.7% |
| Last 1 Month | +71.9% |
| Last 12 Months | +696.5% |
Solana has surged from $18 a year ago to a peak of $125.8 in 2023. However, here is the interesting part, between Jan 1st, 2022, and today, Ethereum is down -9.9% while Solana is down -19.6%. Essentially, the massive surge of Solana’s price in 2023 amounted to catching up with Ethereum in 2 years. Therefore, the Solana Pump last year should not be seen as the beginning of something bigger but only as a catch-up given all the setbacks Solana had to face in 2022.
Solana Price Prediction Next 24 Hours, Week, 2024-2030
Solana, Buy or Sell Poll
- June 25th: +24.4%
- Dec 19th: +49.8%
- Jan 24th: +40.0%
- Feb 16th: +28.0%
- Mar 13th: +39.9%
- Mar 22nd: +39.5%
Latest Solana News
- Gib Work becomes the second on-chain candidate for a DecentraGrant which focuses on extending token functionalities on Solana.
- Superteam UAE collaborates with Hub71+ Digital Assets, aiming to tokenize real-world assets on Solana with the support of ADGM’s progressive regulatory framework.
- Praxis teams up with Superteam to support Solana founders in a new crypto-friendly Acceleration Zone.
Can Solana recover to $250 again?
Yes, Solana can recover $250 again this year given it is quite close to its target.
Will Solana Recover? Will Solana go up?
The recovery of Solana depends upon multiple factors. Some of the important factors that will play an important role in recovery of Solana are:
Market Sentiment: The overall sentiment in the cryptocurrency market plays a significant role in the price movement of individual coins, including Solana. Positive developments or news about Solana’s technology, partnerships, or adoption can improve sentiment and contribute to its recovery.
Adoption and Use Cases: Solana’s adoption by projects, developers, and users can drive demand for the token and support its price. Continued growth in decentralized applications (dApps) and decentralized finance (DeFi) projects built on the Solana blockchain could bolster its long-term prospects.
Technology and Development: Solana’s technical advancements, such as scalability, speed, and security improvements, are crucial for its competitiveness in the blockchain space. Ongoing development efforts and enhancements to the Solana protocol can positively impact its recovery.
Competition and Market Dynamics: The cryptocurrency market is highly competitive, with numerous blockchain platforms vying for attention and investment. Solana’s ability to differentiate itself from competitors and carve out a niche in the market could influence its recovery trajectory.
Overall Market Conditions: Cryptocurrency prices are also influenced by broader market trends, including regulatory developments, macroeconomic factors, and investor sentiment towards the asset class as a whole. Changes in these external factors can impact Solana’s recovery.
How High will Solana go?
It’s impossible to say for certain how high Solana (SOL) will go in the future. The cryptocurrency market is highly volatile and influenced by many factors, including:
- Market sentiment: Bullish markets tend to drive cryptocurrency prices up, while bearish markets can cause them to plummet.
- Regulation: Government regulation of cryptocurrency can impact its adoption and price.
- Adoption: Increased adoption of Solana for decentralized applications (dApps) and other purposes could increase demand and its price.
- Technological advancements: Breakthroughs or setbacks in Solana’s technology could affect its price.
Many influencers have predicted a significant increase in the price of Solana over several years, with some reaching highs of $300 or even $1000 by 2030. However, there are also predictions of a more modest increase.
Can Solana reach its all-time high value again?
Solana has held on to its own despite the setbacks in 2022. Prominent among the gains in 2024 are
- Fewer or No security breaches in 2024
- Partnership with Visa
These are significant moves forward. With the Global economy likely to recover in 2024, Solana is likely to head toward its all-time high. There are numerous risks of course – Regulations, Macroeconomic uncertainty, Increased competition, and such.
Can Solana reach $250? The Investment Case
Solana’s DeFi ecosystem is experiencing significant growth with its Total Value Locked (TVL) above $4.0 billion resulting in a TVL to market cap ratio of 19.7x, much higher than Ethereum’s 8.3x.
In the NFT space, Solana ranks third behind Ethereum and Bitcoin with $57.5M in sales over 7 days.
Last year, Visa expanded its stablecoin settlement capabilities using Circle’s USDC by incorporating the Solana blockchain.
However, there are some concerns around its economic model – Twitter influencer DeFi Cheetah (@DeFi_Cheetah) criticizes Solana’s reliance on inflation for validator rewards, which burdens long-term holders and questions the sustainability of this approach. He contrasts this with Ethereum’s model and suggests a need for proposals to introduce deflationary measures for Solana.
Overall, Solana is quite competitive and therefore is a sound Investment case.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Cryptos or Stocks. Please consult a registered investment advisor to guide you on your financial decisions.