The value of SOL, Solana's native cryptocurrency, has but to get well to its highs in 2024.
The all-time excessive reached round $260 in November 2021, however peaked at simply over $200 in March this yr.
It's at present buying and selling at round $170, 34% beneath its all-time excessive, however some forecasts recommend it might bounce again to $260.
Solana (SOL) Cryptocurrency Worth Prediction
Nevertheless, as at all times, a distinction must be made between short-term and long-term forecasts.
Within the brief time period, the important thing will likely be whether or not it may possibly get well to round $200, the annual excessive.
Some predictions recommend that elevated community utilization might result in a major enhance in demand for SOL within the coming months, pushing the worth again as much as $200.
Just some days in the past, earlier than yesterday's drop to $170, an encouraging Solana utilization graph was printed.
The truth is, whereas we're nonetheless fairly removed from the March peak, present ranges are second solely to that peak this yr.
Furthermore, the chart clearly exhibits a powerful upward pattern that began in November 2023 and continues to today, aside from the every day peaks. This pattern really stopped between April and June, however resumed in July.
For the time being, it ought to nonetheless be borne in thoughts that there are nearly no credible analysts who declare that SOL worth might return to its annual excessive by the tip of this month, so we must wait a minimum of till August, and even September, for a brand new bull market to start.
What to anticipate in August
Some predictions recommend the worth of Solana’s cryptocurrency might method a yearly excessive of round $200 subsequent month.
The truth is, regardless of the drop in a single day, the scenario appears comparatively steady in the mean time, with the present worth being the identical because it was 5 days in the past.
Nevertheless, this section of relative stability could finish throughout August, maybe giving solution to a brand new, smaller upswing, comparable in some respects to February/March.
These predictions are primarily pushed by the aforementioned elevated use of the Solana ecosystem, however there are different issues as nicely, similar to a possible bull run within the cryptocurrency market total and new partnerships.
As soon as the brand new European MiCA regulation formally comes into power, it may be favorable for the institutional improvement of the cryptocurrency sector.
Lengthy-term outlook for the worth of the cryptocurrency Solana (SOL)
Long term, there are much more optimistic predictions.
Nevertheless, it must be famous that not all predictions relating to the longer term motion of SOL's worth are in settlement: just a few analysts boldly predict {that a} new all-time excessive could also be recorded subsequent yr.
One of the crucial authoritative actors taking a bullish stance on Solana is Franklin Templeton’s devoted digital asset division.
The truth is, he lately wrote that Solana has seen vital adoption and continues to mature whereas overcoming issues attributable to technological developments.
Whereas they don’t make worth predictions, they do in actual fact take into account SOL to be the third main cryptocurrency after BTC and ETH, main them to match the Solana ecosystem in some methods to Ethereum and Bitcoin.
It’s value noting that whereas Bitcoin has already hit an all-time excessive this yr, Ethereum has not, a minimum of not but, and plenty of count on ETH to achieve an all-time excessive within the coming months, with SOL more likely to comply with go well with.
Moreover, SOL is exactly the third cryptocurrency that will see a spot ETF launch on US exchanges, most likely between the tip of the yr and early 2025, after BTC and ETH.
ETF
To this point, ETFs have had a major influence on the worth of Bitcoin, however not but on Ethereum. Nevertheless, we should always not overlook that within the case of Bitcoin as nicely, ATFs brought about a worth drop within the first two weeks after itemizing, and began making a major optimistic contribution a few month after itemizing.
The identical factor might occur with Ethereum, and doubtlessly Solana sooner or later.
The truth is, ETFs will exponentially enhance the potential person base of cryptocurrencies on a speculative or purely monetary stage, thus growing capital inflows into the cryptocurrency market, even when solely not directly.
If, as many consider, even Ethereum ETFs will start to help its market worth development in the end throughout August, maybe reaching new highs, then maybe the identical might occur for Solana subsequent yr.
