Even after a 550% increase in 2023, this altcoin still has 57x potential š¤š¤šš
Finding long-term blockchain projects capable of growing in value and expanding their user base is one of the biggest challenges facing cryptocurrency investors due to the volatile nature of the asset class and the rapidly advancing technology that underpins it.
One project that has managed to claw its way out of the depths of the crypto winter to see a resurgence in interest from both investors and blockchain users alike is Solana (SOL), a layer-one (L1) blockchain platform that looks to challenge Ethereumās dominance in the realm of smart contract-supporting networks.
Data provided by TradingView shows that Solanaās road to recovery began at the start of 2023, shortly after SOL bottomed out below $8 on some exchanges after reaching a high near $300 in November 2021.
One of the main reasons that Solana crashed to the degree that it did was due to a close working relationship with FTX and its former CEO Sam Bankman-Fried, who invested heavily in the project after recognizing its potential.
As the FTX saga unfolded in late 2022 and throughout 2023, Solana distanced itself from the exchange and its disgraced former CEO and got back to improving the network, expanding its capabilities, and working to establish itself as a viable competitor in the L1 space.
Since January 1, the price of SOL has surged 552% from $9.81 to a high of $63.96 on Nov. 11 amid rising institutional interest and the start of the next cryptocurrency bull market cycle. Profit-taking resulted in a pullback to $51.30 on Tuesday, but dip buyers soon arrived and pushed it back to $56.75, where it trades at the time of writing.
āBy 2030, our Solana valuation scenarios project a SOL price ranging from a bearish $9.81 to a bullish $3,211.28, anchored by varied market shares and revenue estimations across key sectors,ā said Patrick Bush, senior investment analyst at VanEck, and Matthew Sigel, VanEckās head of digital assets research.
