After we first began writing about Solana, it’s was trading for around $3.50 a token (it’s currently at $165). At the moment, making a Solana crypto price prediction didn’t make sense yet. In spite of everything, it was pretty latest back then. But still, we liked what we saw. The foundational blockchain behind Solana crypto looked strong then. And it looks even stronger now.

On the time, Solana was still very much a speculative investment. But speculators who took the prospect have seen an enormous increase in value of Solana crypto. And this comes despite a drop-off at the top of 2021 and bear market through ’22 and ’23. Nevertheless, the following several months or so might be just as interesting.

What caught our attention was the three-point plan to revolutionize the best way crypto transactions work. On the time, there have been a swath of “to-the-moon” rug pulls and scam coins that appeared to be getting released every week. In reality, some estimates suggest that DeFi (decentralized finance) rug pulls and exit scams make up 99% of all fraud within the crypto markets.

But Solana crypto got here to the table with a plan. It didn’t just promise to reward investors. The corporate began making good on its plan. It also happens to be rewarding investors in the method. That’s why we’re so bullish on this relatively latest crypto. And we’re not the one ones. Trading volume has been way up on Solana crypto because it skied to upwards of $250 in the autumn of 2021.

Naturally, as exposure grows, there might be ups and downs in keeping with the greater crypto markets. But it surely’s loads easier to make an informed guess a few Solana crypto price prediction now… because it appears it’s just beginning to warm up.

Succeeding Where Others Fall Short

Solana crypto’s founder famously published a white paper draft that laid out a latest timekeeping technique called Proof of History (PoH). This proposal was developed to repair one in all the most important limitations cryptos like Bitcoin and Ethereum faced when it comes to scalability. You see, the time that’s required to achieve a consensus on transactions was largely seen as a serious drawback. But PoH was a solution to automate that whole process… And it could act as a vital element that may allow crypto networks to scale beyond their previous capabilities.

The white paper generated lots of attention. It wasn’t long before Solana Labs formed. And it began recruiting engineers from the likes of Qualcomm (Nasdaq: QCOM) and Apple (Nasdaq: AAPL). Inside a few years, the team had raised $20 million to fund its latest crypto network. And lower than a 12 months later, Solana crypto was launched.

In the method, the core team behind Solana has proven the success of the PoH model. The records (or “blocks”) for many cryptos are limited in size and frequency. And that may dramatically decelerate transaction times. The PoH model fixes this problem. However the Solana network also uses a Proof of Stake consensus algorithm, which helps keep the network secure.

Solana crypto can also be currently exploring ways to scale back transaction fees. When these fees were first introduced, they were a method to maintain bad actors from overloading crypto networks. However the speed of the PoH model largely reduces this problem. That makes it cheaper to transfer coins from one wallet to a different.

And lastly, Solana crypto excels at avoiding confirmation delays… This just means it won’t take as long for deposits to be processed. In reality, Solana has proven to have the option to process 50,000 transactions per second, with a transaction fee of just $0.00001. Not too shabby in comparison with other tokens.

A Solana Crypto Price Prediction: Why It Still Has Loads of Upside

Despite the wild moves in value and the technical breakthroughs, it’s vital to take into account one vital detail: The Solana crypto network isn’t any longer in its beta stage. Investors now have access to staking rewards – which appears to be the norm nowadays. But that’s why a Solana crypto price prediction is so hard to pin down.

The upgrade is now live, and it’s anybody’s guess as to how high Solana crypto can go. But it surely’s definitely not out of the query that it could reach a triple-digit valuation by the top of the 12 months… especially if it stays on its current production timetable and volatility dies down.

Solana has already shaken up the crypto community. And now that more investors are sitting up and taking note, we’ve got a fairly good feeling that Solana’s future is brilliant. It got down to revolutionize the best way crypto transactions happen. We’re seeing it do this in real time now. In the method, it’s making an entire lot of individuals’s crypto wallets feel a little bit bulkier nowadays, with much more to return.

Even now in 2024, it still has tremendous upside. It hasn’t kept up with the surge in bitcoin, it still follows all the same fundamentals that make it strong, and it could potentially be in line for the following crypto ETF.

The Bottom Line on the Solana Crypto Price Prediction

A part of what makes the crypto markets so fascinating is that they’re driven by innovation. One other part is that they’re knocked back down by headlines. Crypto expert Andy Snyder has long described crypto because the very definition of a headline-driven market. And it’s true. A tweet from the best person can send the worth of a token skyward in a moment’s notice. But Solana isn’t some meme-based token. It’s built on a solid foundation. Don’t expect to see a TITAN-type situation here.

This makes a Solana crypto price prediction loads easier to make. We don’t expect to see Elon Musk or Mark Cuban making statements about it. But we do expect Solana crypto and the network it’s built on to proceed down its path of innovation. So so long as the crypto markets stay relatively healthy, Solana should proceed its upward trajectory well past the $100 mark. And in a matter of just a few years, if it does indeed change into one in all the usual cryptos – as we expect it could – it ought to be price an entire lot greater than that.

Matthew Makowski is a senior research analyst and author at Investment U. He has been studying and writing concerning the markets for 20 years. Equally comfortable identifying value stocks as he’s discounts within the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his deal with the cryptocurrency markets as an entire. He’s a graduate of Rutgers University and lives in Colorado along with his dogs Dorito and Pretzel.