Full access to Entrepreneur for $5
Subscribe

Solana Price Predictions Surge as SOL Becomes the No. 7 Crypto

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Solana price predictions are becoming more sought after than ever thanks to the coi...

By
This story originally appeared on InvestorPlace

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Investorplace.com - InvestorPlace

Solana (CCC:SOL-USD) is single-handedly proving that meme coins — while fun in their own right — are not the rocket to the moon that crypto investors think they are. It’s becoming more glaringly apparent that robust blockchain networks are the crypto product of the future, rather than joke currencies. Solana, with its energy efficiency and its provenly impressive scaling, is a direct competitor to the largest coins in terms of market cap. Today, the network is adding to its ever-growing list of selling points its non-fungible token (NFT) marketplace. As the market goes live in the midst of a huge resurgence in demand for NFTs, the SOL coin is rocketing, and Solana price predictions are becoming highly sought out.

Concept art of the Solana (SOL) blockchain.
Source: Shutterstock

FTX is one of the largest and most popular crypto exchange platforms in the nation; thanks to its savvy advertising, it’s an exchange that is also seeing some of the broadest exposure to potential investors. Solana is one of the many beneficiaries of an FTX partnership. Today marks the grand opening of the Solana-fueled FTX NFT exchange.

On this exchange, users are able to use their SOL to buy and sell non-fungible tokens. The NFT craze, which currently revolves primarily around the digital art trade, is seeing a huge resurgence since last fall. As such, the demand is nothing but good news for the new exchange.

Demand for Solana Price Predictions Rises as SOL Becomes an NFT Play

Of course, the bullish news is doing well to boost SOL values; the coin is gaining over 26% today. Trading volume is up a gigantic 266% on the day as well. The price of a SOL coin is currently sitting at just over $180 dollars.

The news is helping Solana to surge far beyond its competitors; the coin has captured a market capitalization of $53.3 billion. Indeed, the influx of buying has allowed Solana to far overtake Dogecoin (CCC:DOGE-USD) in size. And the NFT market stands to continue bolstering SOL prices; the coin is back on the doorstep of its $194 all-time high and has its sights set even higher at the $200 barrier. Can it take these milestones? Let’s take a look at some Solana price predictions and see what the analysts think:

  • CoinPriceForecast thinks current prices will be a distant memory by the end of the year; the outlet suggests a December price point of $603 for SOL.
  • The Economy Forecast Agency is another outlet predicting multi-hundred-dollar gains for SOL before the year is out. By December, the outlet forecasts a price of $496 for the coin.
  • WalletInvestor has a much more conservative estimate for Solana’s price growth. In its one-year prediction ending September 2022, the site says SOL prices will be worth just $226. Of course, that’s still impressive growth from where it currently stands, but not the massive price gaps others are calling for.
  • Meanwhile, Gov Capital’s September 2022 prediction prices SOL in at $301 per coin.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

The post Solana Price Predictions Surge as SOL Becomes the No. 7 Crypto appeared first on InvestorPlace.