【Expert Predictions: SOL Expected to Reach $500 by the End of 2024】
Solana has recently performed impressively, reaching new highs, with analysts predicting its price may reach $500 by the end of 2024. This is attributed to its transaction capabilities surpassing Ethereum and the growth in decentralized exchange trading volume. Technical analysis indicates a short-term target of $291 for SOL, with a long-term possibility of reaching $350 to $400.
Solana's largest decentralized exchange, Raydium, has surpassed Ethereum's Uniswap in 24-hour trading volume, capturing a market share of 16.2%. The meme coin market has a market cap of $8.4 billion on the Pump.fun platform, with a trading volume of $4.6 billion, where Peanut the Squirrel surged 203% this week.
Coinbase and Robinhood have re-listed SOL, and institutional investors are actively positioning themselves. Additionally, asset management firms like VanEck have submitted applications for a Solana ETF, and progress in regulatory policies has increased the likelihood of ETF approvals.
Ecosystem Progress
・Radar Hackathon: Attracted over 10,000 developers, showcasing its large developer base.
・Node Distribution: Over 4,000 nodes, enhancing network stability.
・Breakthrough Partnerships: PayPal supports Solana payments, new smartphones launched, Franklin Templeton plans asset tokenization.
Solana's strong development and the meme coin craze enhance its market outlook. However, investors should diversify their risks and pay attention to varied market opportunities to cope with market volatility.