Solana Price Prediction, will SOL’s price hit $30.63?
Solana’s price at the same time last week was $18.07. It has moved by 14.24% in the past week and is currently at $23.24. Infact, in the past 24 hours, SOL has pumped by 6.88%. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and SOL could hit $213.71 in 2024.
The total circulating supply of Solana as of writing this article was $383612955.98 and the marketcap of SOL remains at $8,949,185,999.
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
What is Solana?
In expediting much-needed efforts to solve the problems of scalability and transaction costs, Anatoly Yakovenko founded the Solana platform in 2017.
At its core, Solana is a blockchain built for mass adoption. The platform prides itself in claiming to be fast, composable, green, and globally distributed.
Solana’s blockchain architecture is designed to accommodate smart contracts and decentralized applications (dApps) creation. The platform serves the needs of an array of decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces.
After going through a series of funding rounds, Solana's Mainnet went live in 2020. Its efforts aspiringly aim to solve the blockchain trilemma. However, in doing so, Solana could see some setbacks on the front of 'centralization.'
Solana (SOL) combines Proof-of-Stake with Proof-of-History (PoH), creating a unique hybrid consensus mechanism. Its innovative approach to technology has gained significant traction in the market. To top this off, the low transaction cost has made it practical for the stakeholders to frequently transact on its blockchain.
While the platform's utility and throughput architecture seem quite impressive, let's take a look at SOL's path until now and the roadmap ahead to make sense of its future prospects.
SOL is a cryptocurrency that is native to the Solana blockchain. The primary use of SOL lies in its compensation for Solana clusters for validating the transactions. In addition to this, SOL holders can stake their tokens to earn APY rewards.
The cryptocurrency soared by over 13,000% in 2021 after its remarkable buying spree. During this bullish run of 2021, it rose to its ATH of $258.93 on 6 November.
Much like its peer altcoins, 2022 has not been quite motivating for SOL investors as we grapple through the bear market. Moreover, post the recent hack on its blockchain, thousands of users reported a loss of their funds amounting to over $8 million.
The project has successfully attracted the interest of both retail and institutional investors across the globe. In fact, as we sail through the bear market, the institutional investors have still kept their holdings intact, as per CoinShares's report.
Can SOL breach the $50-mark?
In a recent interview, Sam Bankman-Fried claimed that he believes SOL to be relatively undervalued. A deeper look into its ecosystem could aid us in forming an informed opinion.
To determine the possibilities of SOL breaking its immediate resistance on its weekly chart, let's take a look at some of its ecosystem updates and hurdles that could help us gauge the coin's potential.
- SOLANA PAY
Solana Pay is a digital payments platform that offers businesses and customers instantaneous, free-of-cost transactions that reportedly have zero effect on the environment by harnessing the power of the Solana network.
The core premise behind Solana Pay is that the payment and underlying technology go from being a necessary service utility to a true peer-to-peer communication channel between the merchant and consumer.
The protocol provides a specification that allows the consumer to send digital dollar currencies, such as USDC, from their wallet directly into the merchant’s account, settling immediately with costs measured in fractions of a penny. In essence, businesses can harness the power of Solana’s blockchain at the same speed as traditional payment networks.
In their endeavour to redefine the world of commerce, Solana could see heightened consumer interest transpire in the form of increased dApp activity. These developments would affect investor perception and help SOL register sizeable gains in the coming times.
- BLOCKCHAIN GAMING
As the blockchain gaming space continues to grow at an exponential rate, GameFi projects have been on a consistent rise. To cater to the ever-growing need for an effective architecture for blockchain games, Solana is doubling down on its efforts to bring 'web 3 games at web 2 speed.’
While building the games of the future at the speed of the internet, Solana’s high throughput and low fees make a conducive environment for game developers.
Recently, Solana Ventures and the Solana Foundation formed a $100-million fund to help support the growth of NFT, blockchain gaming, and DeFi projects in South Korea.
After establishing its foothold in the DeFi space, NFT marketplaces, and other web3 apps, the uptick of the gaming projects on its blockchain would boost the token's utility even more.
- NFT SALES
An analysis of the total Blockchain-wise NFT sales volume over the last 30 days would reveal that Solana is at the second position.
The blockchain registered a month-on-month increase of over 18%. Ethereum, on the other hand, saw a decline of 23.75% during this timeframe. The recent spike in these NFT volumes ultimately renders SOL to be more useful while revealing the underlying growth of its NFT projects.
Also, Meta's intentions to include Solana-based NFTs on Instagram reignites recovery hopes for the token.
Solana (SOL) Price Analysis
SOL witnessed a downtrend on its weekly chart after a hike in March 2022. The important resistance and support levels have been at $35 and $11.
SOL Weekly Chart
On the weekly chart, a drop from $137 to $35 was seen in March 2022, after which strong bearish momentum began to dominate.
With the price momentum currently down, the Relative Strength Index (RSI) has been below the neutral 50 line, and the On-Balance Volume (OBV) has been descending. This has left less room for bulls in the market.
However, that hasn't been the case on the lower time frame (daily) chart, with the price going up, and the RSI above neutral 50 and the OBV ascending.
Should you consider buying SOL?
In view of the consistent innovations within the blockchain in the form of SOL Pay and increased activity in the GameFi and NFT space, investor sentiment could improve.
Looking at the price chart, traders looking to trade with the trend can wait for a bullish trend before beginning to buy. If SOL does see movement in any direction, then using the RSI and OBV will help traders.
Solana Price Prediction
Solana has had an eventful 2021. To simplify the latest SOL price prediction, we have divided up the prediction by short term Solana price prediction and long term Solana price prediction. As of writing this article, SOL had a trading volume of $991,306,878. Solana has gone up by 0.17% in the past 30 days.
Solana's Long Term Price Prediction
Solana’s long term Price Prediction below is a look at SOL’s future prospect with regards to price. Solana was last seen at $23.24, with a market cap of $8,949,185,999 and trading volumes of $991,306,878. SOL’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Solana price prediction 2023: Solana’s price for 2023 according to our analysis should range between $20.42 to $30.63 and the average price of SOL should be around $25.52.
Solana price prediction 2024: Solana’s price for 2024 according to our analysis should range between $142.47 to $213.71 and the average price of SOL should be around $178.09.
Solana price prediction 2025: Solana’s price for 2025 according to our analysis should range between $179.51 to $269.27 and the average price of SOL should be around $224.39.
Solana price prediction 2026: Solana’s price for 2026 according to our analysis should range between $226.19 to $339.28 and the average price of SOL should be around $282.73.
Solana price prediction 2027: Solana’s price for 2027 according to our analysis should range between $284.99 to $427.49 and the average price of SOL should be around $356.24.
Solana price prediction 2028: Solana’s price for 2028 according to our analysis should range between $359.09 to $538.64 and the average price of SOL should be around $448.87.
Solana price prediction 2029: Solana’s price for 2029 according to our analysis should range between $452.46 to $678.68 and the average price of SOL should be around $565.57.
Solana price prediction 2030: Solana’s price for 2030 according to our analysis should range between $570.09 to $855.14 and the average price of SOL should be around $712.62.
Solana price prediction 2031: Solana’s price for 2031 according to our analysis should range between $718.32 to $1077.48 and the average price of SOL should be around $897.90.
Solana price prediction 2032: Solana’s price for 2032 according to our analysis should range between $905.08 to $1357.62 and the average price of SOL should be around $1131.35.
Solana price prediction 2033: Solana’s price for 2033 according to our analysis should range between $1140.40 to $1710.61 and the average price of SOL should be around $1425.51.
Solana price prediction 2034: Solana’s price for 2034 according to our analysis should range between $1436.91 to $2155.36 and the average price of SOL should be around $1796.14.
A Historical look at Solana, SOL’s price:
FAQs about Solana
Solana’s current price is $23.24 and witnessed a 6.88% increase in the past 24 hours. SOL/BTC pair saw a 2.53% increase in the past 24 hours.
Investing in Solana, SOL will purely depend on your personal risk appetite. As you can see over the past 24 hours Solana’s price has witnessed a 6.88% increase and over the past 30 days Solana has increased by 0.17%. So it all depends on if this investment will hit your trading goals.
According to our latest Solana Price prediction for 2023, SOL should vary between $30.63 and $20.42 Please keep in mind that the crypto market is very volatile and this Solana price prediction does not account for extreme wild swings in price.
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According to the Solana Price Prediction model above, SOL’s price in 2024 would be $178.09. This price would however would range from $213.71 and $142.47.
According to the Solana Price Prediction model above, SOL’s price in 2025 would be $224.39. This price would however would range from $269.27 and $179.51.
According to the Solana Price Prediction model above, SOL’s price in 2026 would be $282.73. This price would however would range from $339.28 and $226.19.
According to the Solana Price Prediction model above, SOL’s price in 2027 would be $356.24. This price would however would range from $427.49 and $284.99.
According to the Solana Price Prediction model above, SOL’s price in 2028 would be $448.87. This price would however would range from $538.64 and $359.09.
According to the Solana Price Prediction model above, SOL’s price in 2029 would be $565.57. This price would however would range from $678.68 and $452.46.
According to the Solana Price Prediction model above, SOL’s price in 2030 would be $712.62. This price would however would range from $855.14 and $570.09.
According to the Solana Price Prediction model above, SOL’s price in 2031 would be $897.90. This price would however would range from $1077.48 and $718.32.
According to the Solana Price Prediction model above, SOL’s price in 2032 would be $1131.35. This price would however would range from $1357.62 and $905.08.
According to the Solana Price Prediction model above, SOL’s price in 2033 would be $1425.51. This price would however would range from $1710.61 and $1140.40.
According to the Solana Price Prediction model above, SOL’s price in 2034 would be $1796.14. This price would however would range from $2155.36 and $1436.91.
The highest price for Solana was recorded in 6th November 2021 during which SOL hit an All Time High of $259.96
The price of 1 Solana according to current market rate is $23.24