Could Solana’s value shoot up by 47 times to reach an impressive $1000? The answer could be yes if predictions from industry expert Raoul Pal come true. Citing the recent growth trajectory of Solana [SOL], Pal, CEO of Real Vision and Global Macro Investor, is optimistic that this cryptocurrency trend will continue. He suggests SOL may not only rival Ethereum but outperform it.
Thus far, SOL’s value has skyrocketed by over 600% this year, presently valued at $174. The recent 24-hour performance alone saw Solana scale by 5.1%, signaling a surge of investor confidence in the crypto. Key to this optimism are the forecasts shared by Pal, who believes technologies such as Solana’s “Fire Dancer” could thrust SOL to new heights.
For context, this scalability solution for Solana is predicted to replicate the bull run of Ethereum in 2020. As Pal highlighted, ” Ethereum started basing and then began outperforming…by 2021, it went ballistic. I think we’ll see something similar.”
Moreover, Pal believes that the explosive growth of non-fungible tokens (NFTs) could further enhance Solana’s position in the digital currency market. Memecoin investors, who were previously intrigued by NFTs, could be major players in this surge, given Solana’s prowess in low-cost NFT creation.
Aside from these promising predictions, market data rightly compliments Pal’s upbeat view. For instance, recent statistics display an uptick in open interest in Solana by 7.69%, reaching a valuation of $2.62 billion. In addition, the steady rise in Solana’s active addresses suggests growing user engagement, which could drive up demand for SOL.
As noted, the quantity of active addresses recently exceeded 1 million, up from below 800,000 from the previous month. Conversely, volatility metrics show a stabilizing market price for Solana, which may entice investors seeking less risky crypto ventures.