$1,300 Price Prediction for This Altcoin: Here's Whether It's Possible!

Coin Bureau CEO Nic Puckrin predicted that the price of Solana (SOL) could rise up to $1,300. Puckrin noted that the Grayscale GSOL trust is trading at seven times Net Asset Value (NAV) and emphasized that institutional investors place a high value on SOL. Solana's recent strong recovery and upward trend has had a positive impact on the altcoin market. While SOL was traded at $17.34 in September 2023, it rose to $209.90 by March 2024.

Nic Puckrin laid out Solana's $1,300 price target in an analysis by Coin Bureau. Puckrin noted that the Grayscale GSOL trust's NAV is currently trading near all-time highs, explaining that institutional investors have accepted SOL at a high valuation. Puckrin supported his view with performance data of the digital asset. As of July 22, SOL's market price was $524.49, while its NAV was $68.40 per share.

Puckrin's analysis comes against a backdrop of increasing positive sentiment towards Solana. This reflects a significant recovery from the last price drop that saw SOL drop as low as $121.01. Solana then returned to the uptrend and rose as high as $185.00 as of July 21. This rise mirrors the 53% gain experienced by SOL in May, which could set the stage for further upside.

SOL's recent rise has seen the scalability-focused blockchain protocol return to its original uptrend, which it has maintained since the beginning of 2024. The altcoin continued the upward trend that started from the last quarter of 2023 and played a decisive role in the crypto market.

TradingView data shows SOL gaining over 1,100%, rising from $17.34 in September 2023 to an impressive $209.90 in March 2024. This move changed the overall market sentiment after Solana experienced a long downtrend after reaching an all-time high of $260 in the previous bull cycle.

SOL's recent rise has reignited positive sentiment among members of the altcoin community and increased investors' anticipation for higher price levels. At the time of writing, SOL is trading at $176.64.

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