December 5, 2023

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Asset manager Van Eck says Solana’s price could rise by 10,000%

Asset manager Van Eck says Solana’s price could rise by 10,000%

Photo: T. Schneider/Shutterstock

Several cryptocurrencies have finally managed to rise sharply again in recent weeks. As usual, Bitcoin (BTC) took the lead, but a number of altcoins rose much faster than the largest cryptocurrency on the market.

A clear example of this is Solana (SOL), which is up a whopping 60% in the last 30 days. According to lead asset manager VanEck, another raise could be in store for Solana.

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β€œSolana Blockchain is superior.”

in Blog article VanEck analysts Patrick Bush and Matthew Siegel wrote that Solana has a golden future. This has to do with, among other things, fundamentals and On the chain characteristics. For example, the Solana blockchain is increasingly being used by companies, which, according to researchers, represents a stark contrast to other blockchains.

The research mainly compares Solana with Ethereum (ETH). For example, Solana has a throughput of 125 MB/s, while Ethereum 2.0 has a throughput of only 1.3 MB/s. Solana’s Firedancer upgrade should increase throughput speed tenfold.

Another contrast with Ethereum is that Solana attempts to store information at the lowest possible cost. Ethereum focuses more on network security, but it has the side effect that using the network has become relatively expensive.

However, Solana’s path also has a drawback; The devices must also be able to support Solana networking. However, since Solana’s transaction costs are very low, it does not generate much income. Therefore, this positive characteristic is also a disabling characteristic.

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Solana The rate can go to what is the price?!

Based on these characteristics, VanEck created a pricing model. At the time of writing, SOL’s price is around $32.

According to the model, SOL could decline to $9.81 in a bear market by 2030, but could rise to $3,211.28 during a bull market.

A price of $3,200 would be roughly a 10,000% increase, or a hundred times the current price. However, according to this model, you may have to wait until 2030, so patience is required.

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