As the cryptocurrency market grows, Solana has become a favorite for crypto investors, with its inflows surpassing $50 million last month. Better still, the cryptocurrency has found its way into the list of the top ten digital assets.
Solana has been on a solid bullish trend since the start of 2021. But the network recently suffered a network outage, which resulted in a massive sell-off from investors that have primarily contributed to the recent price crash though it seems to be stabilizing.
This price prediction will look at what analysts predict for the Solana price in the coming months and years.
What is Solana?
Solana blockchain (also commonly referred to as Solana protocol) was introduced to compete with the Ethereum blockchain, which brought the current revolution, especially with its smart contract technology that has to go ahead to enable the inventions of decentralized finance (DeFi), Non-Fungible Tokens (NFTs), decentralized applications (DApps), and all the other concepts like yield farming, liquidity mining, staking, etc., that accompany these inventions.
Today Solana is fulfilling its purpose as more and more people continue adopting cryptocurrency. Its native token SOL is now priced at about $132.36, 60135.08%, up from its initial price at launch.
The blockchain revolution assured investors of digital coins that would offer privacy and confidentiality through the sturdy cryptographic algorithm that makes sure that even if transactions are recorded in the public blockchain network, the identity of the sender and the receiver is always hidden behind some addresses.
To that end, Solana is considered one of the most effective, secure, fast, and censor-resistant blockchains worldwide. It offers an open-source infrastructure making it easy for global adoption.
Solana Price history and recent performance
In 2021, Solana (SOL) token has become the fastest-growing cryptocurrency and is currently ranked at position seven with a live market cap of $39,335,974,988. It has overtaken the likes of the once-popular Dogecoin, DAI, DASH, Polkadot, VeChain, Eos, and many others.
It is closely behind Ripple (XRP), the sixth cryptocurrency with a live market capitalization of $42,630,573,188.
This year (2021), the price of Solana (SOL) has appreciated by more than 400% to currently trade at $132.36 compared to $25.72, which was its price on January 1, 2021.
It hit an all-time high of $214.96 on September 9, 2021, before turning to the current retracement that can largely be attributed to a network outage that took place on Tuesday, September 8, 2021.
It should be noted that while the likes of Bitcoin have been battling huge price swings throughout the year, Solana has maintained a bullish trend until September, and it is believed that were it not for the network outage; it would still be on a bullish trend today.
The inventors who find it hard to jump onto the Ethereum bandwagon due to the relatively more expensive ETH token are trying with the SOL token. And they have found it highly rosy in the last months.
Just like Ethereum, Solana is also involved with DeFi and NFT, which are currently the most sought-after services within the crypto space. For this significant reason, one should no longer wonder about Solana’s increment in adoption worldwide.
Currently, all eyes are on the support at $124.720 since it has already gone below the pivot level at $138.675.
Figure 1. Support and resistance levels and current trend by Walletinvestsor
As we shall see in the price predictions, most analysts believe that the SOL is correcting the recent price crash before setting off the moon again.
While the demand for Bitcoin (BTC) and Ethereum (ETH) has flattened, the market for Solana (SOL) is on the increase.
Solana Price Prediction 2021-2025
Today the SOL price is at $132.36, about 38.68% below its current all-time high.
In this post, we shall look at Solana price forecasts by various cryptocurrency experts. Although they give an outlook of what to expect, they do not deter the cryptocurrency from soaring higher and outperforming its rivals.
Solana price prediction 2021
Solana started 2021 at about $25.72; it traded above $132 even after the recent price crash. The prices have rice by over 400%, not taking into account the all-time high.
Most analysts forecast that Solana shall close the year 2021 still below the current all-time high of $214.96 as it corrects the impact of the recent network outage and the price crash that occurred due to the sell-off.
Trading beast, for example, forecast that SOL will close 2021 at an average price of $114.206 or somewhere between a maximum price of $142.758 and a minimum price of $97.075.
Figure 2. SOL price prediction by Trading Beasts for the remaining part of 2021
Figure 3. SOL price prediction by Walletinvestor for the remaining part of 2021 and part of 2022
Solana price prediction 2022
2022 is viewed as the turnaround year for Solana. It is expected to have finished correcting the current price crash by then to set out for yet another bullish trend similar to the one witnessed in the better part of 2021.
Besides correcting the price crash, several partnerships, alliances, and community funding have taken place with Solana, and these are expected to propel the cryptocurrency into a bullish course pretty soon.
Trading Beasts forecasts that the SOL price will close in 2022 at about $142.891 or somewhere between a maximum price of $178.614 and $121.458.
Figure 4. Solana price prediction by Trading Beasts for the year 2022
Although the above price predictions are different from those of other analysts like Walletinvestor, who predicts that Solana shall close 2022 at about $330.255, the fact of the matter is that all the analysts agree that the price of SOL token will increase. The question is, by how much?
Solana price forecast 2023
With the established features of being a fast and reliable blockchain network and the support for NFTs and DeFi, the future of cryptocurrencies, Solana is expected to continue with its bullish trend into 2023.
If the drive for NFTs and functional cryptocurrencies continues, Solana’s price will likely close well above $200 in 2023.
Trading Beasts forecasts that the price will close in 2023 at about $175.962 or somewhere between $219.953 and $149.568.
Figure 5. Solana price prediction by Trading Beasts for the year 2023
Other analysts like Walletinvestor predict that the cryptocurrency shall close in 2023 at about $474.663.
Solana price prediction 2024
Several SOL market speculations are based mainly on projections from previous technological advancements and announcements. Solana’s security and scalability features are far more than those of most cryptocurrencies. For example, a crypto enthusiast will find a transaction in Solana to be faster than that on Bitcoin or Ethereum.
Next are the exciting promotional ventures offered by Solana, attracting investors because of the gains they shall make by investing with the cryptocurrency.
Most analysts agree that if all factors remain constant by the end of 2024, Solana’s price shall be comfortably trading above $200.
Trading Beasts, for example, forecast that by December 2024, the cryptocurrency shall be trading at an average price of $206.678.
Figure 6. Solana price prediction by Trading Beast for 2024
Other analysts predict that the cryptocurrency will be trading way higher than $200 by the end of 2024. Walletinvestor, for example, indicates that Solana shall be trading at about $ 619.251 in December 2024.
Solana price prediction 2025
The future of cryptocurrencies is still unknown due to the ever-changing regulatory environment as governments find ways of regulating the industry, and Solana is not immune. However, just like Ethereum blockchain, which offers much more functionalities than just being a mode of processing payments, Solana has its chances of surviving even in the harshest of environments.
2025 could be a make or break year for most cryptocurrencies, and if factors remain constant, the price of Solana is expected to continue with its steady rise.
Wallet Investor, for example, forecasts that the SOL price shall be trading between $550 and $968 in 2025.
The above Solana price prediction sheds some light on what to expect with the price of SOL in the coming years. However, if you want to invest in Solana, you should consider seeking some investment advice to find out whether Solana is a good investment for you or not and at the same time be advised on how much you should invest.
If you are a trader, you will require some fundamental Solana price analysis and technical analysis of the crypto market to accurately speculate the price action concerning the resistance level, past price, trading volume, and average Solana price (average trading price).
It is also important to note that the above price prediction was made concerning the USD price prediction since the prices used are those of SOL against the US dollar.
The Solana price predictions are best suited for an investor looking to invest in Solana’s SOL (the SOL crypto) for purposes of holding or using the token within the Solana network (Solana ecosystem).
Therefore, the Solana forecast (Solana prediction) can be conducive to investors, including institutional investors.
- Where to buy Solana Crypto?
- Where can I store my Solana coins?
Once you purchase SOL coins, you should store them in a secure place. Most of the exchanges where you can buy SOL offer in-built crypto exchange wallets. Other wallets that allow storage of SOL coins include the atomic wallet and Ledger hardware wallet.
- Will Solana Price Crash in the future?
The price of Solana cryptocurrency crashed at the beginning of September 2021 due to a network outage, something that is extremely rare are most likely will never happen again in the future.
- Is Solana a Scam or Legit?
Solana is a legit blockchain network, just like other blockchains like Ethereum. As a result, the native token, the Solana coin, which is commonly referred to as SOL coin, is a legit cryptocurrency.
- What blockchain projects are on Solana?
Solana has smart contracts functionality, and a blockchain developer can develop and deploy a decentralized application (DApp) on the blockchain. Several blockchain projects have been launched on Solana, and they have also contributed to Solana’s fortunes. these blockchain projects include:
- Solana Beach — a Solana blockchain explorer.
- UPFI — a stablecoin.
- Phantasia — a fantasy sports platform.
- HydraSwap — a DEX.
- CropperFinance — a yield farming service.