Solana price might rise to $512 by 2030, experts predict

Jay Crypto

Blogger

What is Solana?

Solana,created by Anatoly Yakavenko and named after Solana beach, is facing massive adoption. People love Solana for many reasons. Solana has a block time of 400 milliseconds, compared to Ethereum’s block time of 10 to 12 seconds. Solana’s massive infrastructure offers cheaper transactions that can be compared to the Matic network. 

Solana Unique Fee Payers

How does Solana work?

Solana works  on neither the Proof of Work model nor the Proof of Stake but rather on proof of history. It is basically proof of stake but uses an additional variable ‘Time Stamp’. This approach makes the sequence of validators (and thus Solana) really fast, as the blocks don’t have to match the time. Furthermore, Solana’s 25 validators can validate 25 blocks simultaneously. 

Solana can handle 65,000 transactions per second. The speed is limited due to the SIMD number. The chain is bottlenecked by the hardware and if NVIDIA doubles the number of SIMDs, the transaction speed doubles. This means Solana will be supported by even supercomputers. It isn’t clear how Ethereum and Bitcoin can adapt.

Anyone can Stake:

If you want to become a validator on Ethereum 2.0, you must stake at least 32 Ethereum – equivalent to $50,000. However, anyone can become a validator on Solana. You just need to stake a small quantity of Solana tokens and pay a fee. Each Solana validator has to pay a daily  fee of only 1 Solana.

Solana Price Prediction:

Solana has a MarketCap of $14.37 billion and is currently trading at $41. Solana has an all-time high of $258, achieved on June 14^th, 2022; the coin is down over 83% from that price level.  In the recent dip, Solana briefly reached as low as $26, but it is now 57% up from that level. Finder, a reputable platform that predicts the price of cryptocurrencies, has concluded that Solana will reach $165 by 2025 and $512 by 2030. 

Solana price predictions for 2022, 2025 and 2030

Finder predicted the price of Solana using the truncated mean. The panel included 54 cryptocurrency analysts of whom 26 predicted the price of Solana. This analysis was conducted in June and July this year. The same panel analyzed the price of Solana in January 2022, but their analysis for the coin was extremely bullish then.

Analysis conducted in January vs June

The panel predicted the price of Solana would reach $486 by 2025 (now $166) and predicted it would go to $1,267 by 2030 (now $512). There’s a huge difference in the analysis of the coin; nonetheless, the whole panel agreed that Solana will remain bullish in the years to come. 

Funds Management Executive at DigitalX, Alex Nagorsk is extremely bullish about Solana. He said, “Solana has implemented several promising protocol updates which appear to have reduced outages in the short term. It remains to be seen if the stability will persist. Solana has captured significant portions of the NFT market from Ethereum and remains a decent competitor in the L1 race.”

Solana Daily Chart TradingView

On the Daily Chart, Solana is slowly recovering from the bearish wave. The Solana price is sailing upwards under the EMA 55 on a daily chart. Solana might have a violent breakout from this resistance level to $80 at fib 0.236 (red line). In the long term, Solana has three major resistances after this. By the end of 2022, Solana will break above the first target of $80. The next resistance levels are at $143, fib 0.5 (green line), $210, fib 0.786 (blue line), and finally at the all-time high of $260.

Solana as a chain is fixing a lot of problems and with the NFT adoption, the chain will see massive adoption. This will boost the price of $SOL in the longer run.