VanEck’s Bold Predictions About Solana
Leading crypto asset manager, VanEck, has made some exciting predictions about the Solana ecosystem. It believes that if Solana can grow its user base to 100 million, the price of its native token could skyrocket by more than 10,000% by the year 2030.
Based on this projection, the value of this digital asset could exceed $3k. However, this prediction is based on VanEck’s assumption that Solana will be the first blockchain to successfully host an application that can bring on board over 100 million users.
It also believes that Solana can only monetize at 20% of the rate at which Ethereum does and secure less than half of Ethereum’s market share due to a difference in community philosophy. Furthermore, VanEck anticipates that investors in Solana could potentially earn about $8 billion in revenues by 2030.
Besides being among the top 10 cryptocurrencies by market capitalization, Solana protocol has shown remarkable growth, with SOL’s price increasing by 200% so far this year. Additionally, data from DeFillama suggests a thriving decentralized finance (DeFi) ecosystem within the Solana network, with $381 million worth of assets locked in the network.
Furthermore, Solana has also struck crucial partnerships with major global financial players. Big names like Shopify and Visa have teamed up with Solana, utilizing its technology to enhance their payment processes.
Also, Solana became the ecosystem partner for the Dubai Multi Commodities Center, a primary economic zone in the United Arab Emirates.
Shopify’s Integration Boosts SOL’s Price
Earlier in August, SOL’s price surged by nearly 4% in price after the integration of USDC via Solana Pay by Shopify. The collaboration with Shopify could significantly advance global crypto adoption, consequently amplifying SOL’s price.
With Shopify boasting 4.2 million registered online stores and 2.1 million active daily customers, crypto enthusiasts are eager to witness how this integration could positively impact SOL’s price via broader crypto adoption. Within 12 hours of this announcement, SOL’s price spiked by 4%.
This price surge also caused a surge in SOL’s market capitalization to approximately $9 billion at that time. Post the Shopify integration, SOL’s market cap hovers around $14.65 billion at present, according to Coingecko data.
Solana’s Impressive Market Performance
Meanwhile, Coingecko data shows that Solana’s price currently stands at $34.91, marking a notable 6.2% increase over the past 24 hours. This surge is particularly noteworthy given Bitcoin’s recent trend of trimming its gains, a development that typically signals a bearish sentiment.
Solana is also showcasing a significant surge in trading volume. On-chain data reveals that over $885 million worth of SOL has changed hands; this surge in trading activity highlights Solana’s appeal to retail and institutional investors.
SOL’s Year-To-Date Growth And Positive Outlook
Overall, Solana has sustained an impressive year-to-date growth of up to 241%, outperforming key competitors like Cardano (ADA). This indicates a strong bullish sentiment for the protocol, with optimistic forecasts for the months ahead.
Given its current price trajectory, Solana is presently trading at its highest level for the month. If it sustains this trend, Solana can trade at $40, a milestone that, if attained, would mark its highest level since June 2022.
It is worth noting that SOL’s price is influenced by activities from stakeholders and robust fundamentals within its ecosystem.
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