Solana (SOL) experienced a 5.1% surge in the last 24 hours and a 9% increase over the preceding week. Additionally, its monthly charts show a remarkable ascent of over 58%. In 2023, SOL has positioned itself as one of the top-performing cryptocurrencies, achieving a staggering surge of more than 530% since January. This notable performance has outshone Bitcoin (BTC), which has seen a comparatively modest increase of around 164% during the same period.
Furthermore, Solana’s (SOL) Total Value Locked (TVL) has surpassed the $655 million milestone, marking a substantial 211% surge since January. Despite these impressive gains, the ongoing rally for SOL may still have room to continue.
Solana Target Set: Analysts Predict a Bullish Surge, Aiming for $453
Cryptocurrency analyst InvestAnswers suggests that during the next bull run, SOL has the potential to achieve 10% of Ethereum’s (ETH) market capitalization. If ETH reaches $8,000, SOL might see an approximate value of $231, marking a substantial 266% increase from its current levels. Alternatively, InvestAnswers offers a more optimistic scenario where Solana (SOL) could reach 20% of ETH’s market cap, propelling SOL’s price to $453.
This more bullish projection implies a remarkable 615% surge from its present value. Notably, other analysts share this optimism for SOL. ARK Invest CEO Cathie Wood has expressed support for the altcoin, and even OpenAI’s AI chatbot, ChatGPT, has forecasted a bullish future for SOL, predicting a $500 valuation by 2024. Investment firm VanEck also paints a positive picture for Solana (SOL), projecting a potential price of $3,211.28 by 2030.
It is worth noting that SOL rebounded impressively in 2023 following its significant decline in November 2022, triggered by the collapse of FTX. FTX founder Sam Bankman-Fried, an early SOL supporter, played a pivotal role as one of the token’s major holders through his exchange.