Solana Price Could Reach $3,211 By 2030, VanEck Forecasts
October 28 2023 - 9:00AM
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SOL, the native token of the Solana blockchain, has been one of the
biggest winners in the crypto market lately, delivering another
positive price performance over the past week. This impressive
price action reflects the increased interest in the altcoin and the
recent shift in the climate of the general crypto market.
Interestingly, asset management firm VanEck is amongst the latest
entities showing interest in the Solana token and the altcoin’s
prospects. VanEck Predicts Potential 10,000% Rally For Solana In a
report published on Friday, October 27, prominent asset management
company VanEck created different valuation scenarios for the SOL
token. This price projection revolved around the current capability
and potential of the Solana blockchain. In a base case, VanEck
believes that Solana can hold a 30% share in the smart contract
market, a significant increase from the network’s current market
share. Using this valuation framework, the asset manager projects
SOL price to reach $335 by 2030. Related Reading: Aptos TVL Soars
To A Record $74 Million, Reflecting Growing Investor Confidence
Comparatively, Ethereum can achieve a 70% market share of value
transmitted across open-source blockchains, according to the
report. This projection makes $11,800 a possible destination for
ETH’s price by 2030. Nevertheless, VanEck presented a bull case for
SOL in its analysis, putting forward a $3,211 price target for the
altcoin in the best possible scenario. The asset management firm
said: Were Solana to avoid Ethereum’s event horizon and achieve
Ethereum-like dominance, our bull case reveals $51.8B in revenues
and a $3,211 price target in 2030. It would take the Solana token a
massive 10,000% price rally to reach $3,211 from the current price
point. Now, it is worth mentioning that there was also a
pessimistic scenario for SOL in the VanEck report, with the token
projected to trade below $10 in a bearish case. VanEck, one of the
world’s largest asset management firms, has been an active
participant in the cryptocurrency space over the past few years.
The financial behemoth is one of the few companies looking to
launch a Bitcoin spot exchange-traded fund in the United States.
SOL Price Overview As earlier inferred, Solana has been on an
upward trajectory over the past few weeks. Since initial concerns
of a significant sell-off by FTX have subsided and the general
market sentiment has improved, the altcoin’s price performance has
been positive. Related Reading: FTX Ramps Up Restitution Efforts,
Subpoenas AI Firm CAIS Over $6.5M Investment As of this writing,
the SOL token is valued at $32.19, reflecting a 2% in the last 24
hours. However, the cryptocurrency has maintained most of its
recent profits on the weekly timeframe, with a 14% price jump in
the past seven days. Solana price continues ascent on the daily
timeframe | Source: SOLUSDT chart on TradingView Featured image
from Dreamstime/Aivaras Sakurovas, chart from TradingView
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