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Solana has seen a remarkable recovery following the cryptocurrency crash on August 5, rising by 35% since the crash that affected token prices in the market.
This recovery outpaces the recoveries recorded by major cryptocurrencies Bitcoin and Ethereum, which rose by 23% and 25% respectively during the same period.
Since the beginning of the year, Solana has risen by 45%, outperforming both Bitcoin and Ethereum. Despite this impressive growth, Solana has yet to reach its previous peak price of $260, which it reached three years ago. However, some market analysts believe that Solana is poised for a significant rally by the end of the year.
Here are the breakdowns that four experts say will push Solana to an all-time high:
BitMEX co-founder Arthur Hayes has expressed optimism about Solana’s potential, especially in the context of “alt season,” a period when altcoins gain value relative to Bitcoin. In a recent blog post, Hayes predicted that Solana could rally above $250, approaching its previous high.
However, Hayes noted that this surge is dependent on Bitcoin and Ethereum rising above $70,000 and $4,000 respectively. Hayes argued that this scenario is likely if US Treasury Secretary Janet Yellen unleashes a wave of liquidity. When the largest cryptocurrencies rise, Solana’s price is expected to follow suit.
Chris Burniske, co-founder of New York-based crypto venture firm Placeholder, has an even more optimistic outlook on Solana. In a recent X (formerly Twitter) post, Burniske suggested that Solana could reach $1,000, which he described as a conservative price target.
Burniske conducted an X-poll in July asking his followers to choose the strongest crypto asset among Bitcoin, Ethereum, and Solana. More than a third of the nearly 22,000 respondents chose Solana, which Burniske interpreted as a sign of Solana’s popularity among large-cap cryptocurrency investors, which includes major players like Bitcoin, Ethereum, and BNB.
Ajay Dhingra, director of research at DeFi aggregator platform Unizen, cited strong institutional interest as a key factor behind Solana’s price performance this year. Dhingra pointed to examples like Hamilton Lane’s private credit fund and VanEck filing to launch a Solana ETF as evidence of Solana’s appeal among institutional investors.
Athanasios Soutos, DeFi ecosystem lead at crypto market-making firm Keyrock, focused on the impact of individual investors on Solana’s growth. Soutos noted that Solana’s role as a major network for memecoin speculation indicates significant individual interest.
If this trend continues and a new upgrade goes smoothly, Soutos predicted that Solana could reach ETH’s current market cap of $400 billion. According to Soutos’ estimate, Solana’s spot price could be $853, assuming the token supply remains constant.
*This is not investment advice.