The Months of November and December have been a good one for crypto assets.
November witnessed one of the biggest surges in the crypto market in a while following Donald Trump’s election win.
Bitcoin surpassed its all-time high hitting 103,679 USDT.
Altcoins like Solana, XRP, and Tron also reacted to the Bull run.
XRP flipped Tether to become the third-largest crypto asset by market capitalization. Tron surpassed a 7-year all-time high and Solana surged from 205 USDT on Nov 13 to a new all-time high of 263 USDT on Nov 23.
The November Bull run has cooled off a bit on the side of most of the Altcoins especially Solana which is down 6.8% in the last 7 days and down 4.5% on a two-week scale.
Solana’s surge could be attributed to the versatility of its blockchain. The Solana blockchain is known to be one of the busiest blockchain in the industry. Memecoins generation, Telegram-powered Web 3 games, and other projects saturate the blockchain making it an important pillar of the industry.
Solana Price prediction: Can the token hit 1700 USDT?
At the time of this report, Solana is exchanging hands for $220 16.1% down from its all-time high.
- Despite this retracement, bullish predictions for Solana have remained strong with various experts speculating on its future price trajectory.
- CoinCodex Analysts predict Solana could hit as high as $505 by August next year. This target is not far-fetched given that SOL has nearly tripled in over a year.
- Going by this surge range, the 5th largest crypto asset could go as high as $1405 in the coming years.
Analysts at Benzinga predict this target could take as far as 2031 to materialize.
Price Analysis
Solana is currently exchanging hands for $220 surging by 0.6% in the past 24 hours. The crypto asset is 16.1% down from its all-time high of $263.
Solana has been one of the busiest blockchains this year hosting a series of Tap to Earn crypto projects powered by Telegram.
SOL has also become the default crypto asset for memecoin trading in addition to its existing utility. These factors drive up the demand for Sol adding to its real-world use.
What to Know
- Solana is the fifth-largest crypto asset in the industry by market capitalization and has been predicted in the past to one-day flip the Ethereum market cap.
- It is also one of the fastest blockchains with the capacity to process thousands of transactions in seconds.