2023-10-30 20:35 |
Global investment manager VanEck has made a bold prediction about Solana, suggesting that the SOL token may reach a staggering price of $3,211 by 2030, potentially surpassing the returns of the more established Ethereum.
Despite SOL falling steeply following the FTX debacle, Solana, a high-performance blockchain known for its scalability and speed, has been gaining significant attention in the world of cryptocurrency and decentralized applications.
In their report, VanEck outlined the factors that led to their bullish prediction for SOL in the next decade. They presented a range of scenarios, with the most conservative estimate being $9.81 and the most optimistic projection reaching a remarkable $3,211.28, depicting a 10,000% surge in price.
One of the most compelling aspects of VanEck’s prediction is their belief that Solana could become the first blockchain to host an application that onboards over 100 million users. As per the firm, this achievement would be a significant milestone in the blockchain industry and a game-changer for SOL’s adoption and value.
Notably, the report assumed that Solana will monetize at only 20% of Ethereum’s take rate, indicating that even a relatively modest market share could result in substantial returns for SOL token holders.
Furthermore, the firm suggested that Solana might achieve less than half of Ethereum’s market share due to fundamental differences in community philosophy. This perspective highlights that while Ethereum emphasizes decentralization and community governance, Solana has taken a more pragmatic approach to scalability and speed, which could attract a different set of users and developers.
VanEck’s optimistic outlook is based on its vision of a credible path to $8 billion in revenues for SOL token holders by 2030. If this prediction materializes, it would not only be a significant achievement for Solana but also a testament to the growth and potential of the broader blockchain ecosystem.
The cryptocurrency market has been characterized by its volatility and rapid changes, making long-term predictions a challenging endeavour. However, VanEck has positioned itself to take on the crypto market with safer vehicles.
Last Friday, the New York-based firm submitted a revised application for the highly-anticipated Bitcoin Spot ETF, aligning itself with industry leaders such as BlackRock, Ark Invest, and Fidelity, all eager to capitalize on the promising future of the world’s largest cryptocurrency.
At press time, SOL was trading at $34.65, marking an impressive 6.8% gain in the last 24 hours, possibly spurred by the recent report. Notably, the cryptocurrency has been the top performer among the top 20 coins in the past week, with a substantial 19% increase, according to CoinMarketCap data.
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