Why is Solana (SOL) rising?

Solana was introduced to compete with the Ethereum blockchain. Similar to the latter, Solana supports smart contracts for decentralized finance (DeFi), Non-Fungible Tokens (NFTs), decentralized applications (DApps), and all the other concepts.

SOL is the native cryptocurrency of the Solana blockchain. Since its public launch in 2020, SOL has found its way into the top ten digital assets list. The token dethroned Cardano and currently ranks number 5 on the market. Most of the analysts present a bullish Solana price prediction.

Why is Solana rising?

Solana has been engaged in strategic developments and partnerships. Solana’s price briefly surged to a four-week high of $38.48 on 6 November 2022 after Google Cloud announced it had become a validator on the blockchain.  Google Cloud has been working with Solana to bring Blockchain Node Engine to the Solana chain next year, so it will be easy for anyone to launch a dedicated Solana node in the cloud.

Solana shared its own plans for next year at its four-day conference, Solana Breakpoint. In a demo in Lisbon, Solana Labs’ co-founders Raj Gokal and Anatoly Yakovenko presented their upcoming “Saga” Web3 smartphone.

In recent days, however, Solana has faced severe headwinds with market sentiments and price, following the collapse of FTX. Given the bankrupt exchange was among the large holders and investors of Solana, the price tanked notably amid the FTX fiasco.  However, the future outlook of Solana remains bullish, given the blockchain itself is not an entity of FTX.

Solana Price Prediction by Industry Influencer

The Crypto Chrys, a market analyst on YouTube, is bullish on SOL price as he explains the technical aspects of the coin. The analyst believes that SOL could reach $300 to $400 levels soon, as Solana is poised to recover from its recent drop. A crypto analyst, Thomas Kralaw has said that Solana will be given a potential of about $300 – $500 at the peak of the next bull run which will give the Solana price of $800 to $1400.

Cryptopolitan Price Prediction

2023 Solana is predicted to reach a minimum price of $19.93, an average of $20.49 and a maximum of $24.08. 2025 Solana will attain a high of $50.71, a $42.07 minimum price and an average price of $43.26. 2030 Solana is predicted to reach a maximum price of $329.24, a minimum price of $286.09 and an average price of $293.03.

Is Solana a good investment?

Yes. Solana is a good long-term investment. Sol tokens are used as governance tokens for voting, staked for delegation, and to pay for processing fees.

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