VanEck’s Forecast: Solana (SOL) Set to Soar to $3,211 by 2030
In a recent report by VanEck, an ETF investment fund, a bold hypothesis was presented regarding the future of Solana, a fast-rising blockchain platform. The report suggests that if Solana becomes the first blockchain to support an application with over 100 million users, the price of its native cryptocurrency, SOL, could surge to an astonishing $3,211 by the year 2030. The report paints an intriguing picture of the potential for Solana and its place in the ever-evolving blockchain ecosystem.
A Glimpse into the Report
The report’s introduction sets the stage by acknowledging that blockchain technology is still relatively limited in its applications, primarily serving as a medium for exchanging value and speculative trading. To truly make a breakthrough, blockchain needs to underpin practical applications that cater to mainstream user groups. With this premise, VanEck’s report outlines a scenario in which Solana emerges as the first blockchain to support a single application with over 100 million users.
VanEck explains its rationale for this scenario, emphasizing Solana’s technical capabilities, particularly its prowess in processing transactions, coupled with a pioneering spirit that strives to make tangible impacts on daily life. The report suggests that SOL’s price could oscillate between a low of $9.81 and a high of $3,211.28 by 2030, attracting a staggering 600 billion annual transactions. However, despite its growth potential, VanEck maintains that Solana will not surpass Ethereum, offering estimates for ETH to reach $11,800 during the same timeframe.
Solana’s Assumptions and Competition
The report also highlights the assumption that SOL will only generate revenue equivalent to 20% of the fees collected by ETH and capture less than half of ETH’s market share due to fundamental differences in community philosophy. This assumption underscores the distinct nature of these two blockchain platforms.
As of now, SOL is trading at $32.3 per unit, and it is exhibiting a robust recovery, with a 25% increase over the past seven days. Additionally, the project has witnessed a significant influx of capital, with the largest share of investment among altcoins, totaling $15 million.
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