🔥 Solana to $1K seems unlikely, but network fundamentals forecast $190 SOL

🚀 SOL's Recent Rally Faces Resistance: Solana's native token, SOL, surged 33.5% from $110 to $146 but hit strong resistance at $150. Some analysts compare SOL's current price action to Ether's 2020 movements, suggesting a possible long-term surge.

📈 Bold Predictions for $1,000: Crypto trader Kaleo believes SOL could reach $1,000 by 2025, mirroring Ether's previous gains. However, on-chain metrics show diminishing activity, casting doubt on this bullish target.

💡 $300 More Realistic: While $1,000 seems unlikely, SOL could still reach $300, a 104% gain. Pending Solana ETF applications and its rise to the second-largest blockchain by total value locked (TVL) support this potential.

⚖️ Overvaluation Concerns: SOL's market cap, at $85 billion, appears overvalued compared to Ethereum layer-2 tokens. Despite lower transaction fees, Solana's high rate of failed transactions and MEV issues raise concerns.

🔍 Competition with Ethereum: Solana faces stiff competition from Ethereum’s layer-2 ecosystem, which holds $9.7 billion in stablecoins and matches Solana's active address count. This competition could hinder SOL’s path to $190 in the near term.