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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Price Could Reach $3,211 By 2030, VanEck Forecasts

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Solana Price

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SOL, the native token of the Solana blockchain, has been one of the biggest winners in the crypto market lately, delivering another positive price performance over the past week. This impressive price action reflects the increased interest in the altcoin and the recent shift in the climate of the general crypto market. 

Interestingly, asset management firm VanEck is amongst the latest entities showing interest in the Solana token and the altcoin’s prospects.

VanEck Predicts Potential 10,000% Rally For Solana

In a report published on Friday, October 27, prominent asset management company VanEck created different valuation scenarios for the SOL token. This price projection revolved around the current capability and potential of the Solana blockchain.

Our Solana Valuation by 2030: Base, Bear, Bull Case piece dropped in time for @SolanaConf. 🔗https://t.co/5jijxItZip

— VanEck (@vaneck_us) October 27, 2023

In a base case, VanEck believes that Solana can hold a 30% share in the smart contract market, a significant increase from the network’s current market share. Using this valuation framework, the asset manager projects SOL price to reach $335 by 2030.

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Comparatively, Ethereum can achieve a 70% market share of value transmitted across open-source blockchains, according to the report. This projection makes $11,800 a possible destination for ETH’s price by 2030.

Nevertheless, VanEck presented a bull case for SOL in its analysis, putting forward a $3,211 price target for the altcoin in the best possible scenario. The asset management firm said:

Were Solana to avoid Ethereum’s event horizon and achieve Ethereum-like dominance, our bull case reveals $51.8B in revenues and a $3,211 price target in 2030.

It would take the Solana token a massive 10,000% price rally to reach $3,211 from the current price point. Now, it is worth mentioning that there was also a pessimistic scenario for SOL in the VanEck report, with the token projected to trade below $10 in a bearish case.

VanEck, one of the world’s largest asset management firms, has been an active participant in the cryptocurrency space over the past few years. The financial behemoth is one of the few companies looking to launch a Bitcoin spot exchange-traded fund in the United States.

SOL Price Overview

As earlier inferred, Solana has been on an upward trajectory over the past few weeks. Since initial concerns of a significant sell-off by FTX have subsided and the general market sentiment has improved, the altcoin’s price performance has been positive.

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As of this writing, the SOL token is valued at $32.19, reflecting a 2% in the last 24 hours. However, the cryptocurrency has maintained most of its recent profits on the weekly timeframe, with a 14% price jump in the past seven days.

Solana

Solana price continues ascent on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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