SOL up 48% in two weeks, holding steady at $32! VanEck

Iti9

Solana, a competitor to Ethereum and a high-speed public blockchain, has seen its native token SOL surging recently, with a remarkable 48.6% increase in the past two weeks. While the price remains stable above $32, asset management company VanEck predicts that, in the most optimistic scenario, SOL could surge to $3,211 within 7 years.

VanEck applied its "VanEck Standardized Valuation Framework" to Solana in a report published last week to estimate the target prices for SOL in various scenarios. According to the report, by 2030, SOL could reach approximately $335. However, in a bear market scenario, it might drop to $9.81.

Although the potential is promising, VanEck believes that even though there are 7 years until 2030, the likelihood of Solana hosting the majority of global cryptocurrency transactions will still be lower than Ethereum. Nevertheless, VanEck's bullish analysis framework indicates that if Solana can avoid the Ethereum narrative and achieve a "similar to Ethereum" dominant position, the Solana network's revenue in 2030 could reach $51.8 billion, with a target price for SOL of $3,211.

Market data shows that SOL's price has risen by over 230% since the beginning of the year, and its market capitalization has exceeded $13.7 billion, making it the 8th largest cryptocurrency by market capitalization. As of the time of writing, SOL is trading at $32.57, meaning that SOL would need to increase by over 9,700% to reach the "miracle price" of $3,211.

It's worth noting that VanEck also simulated the scenario in which Solana becomes the first blockchain to host over 100 million users and provided a comprehensive analysis of the Solana network from perspectives such as network revenue, user base, dApp development, and network performance.

VanEck stated that Solana's data throughput is far superior to other blockchains, and the upcoming software upgrade, the "Firedancer upgrade," promises to increase Solana's network capacity by a factor of 10. In other words, the upgraded Solana network's throughput will be nearly a thousand times that of Ethereum 2.0 and 12.5 times that of new public chains using Move language such as Aptos and Sui.

Despite suffering a severe blow due to FTX's collapse in November last year, which led to significant liquidity constraints and a period of lackluster price performance, Solana has continued to grow with developers working on the platform, sustaining the increasing activity on the Solana network.

Solana has been active lately, launching a smartphone, securing a partnership with Shopify through SolanaPay, and becoming a partner in a VISA pilot project to test cross-border payment settlements using SOL. This demonstrates the company's ambition to continuously expand Solana's applications.

Jiten171

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It seems like it's going to rise extremely rapidly."

Kahn332

It appears to be an active and promising cryptocurrency to engage with.

Kalkin995

This has made significant breakthroughs.