Best cryptocurrency exchange to buy Solana - Bybit
Solana has emerged in recent years as a leading smart contract platform, demonstrating tremendous growth that has captured the attention of both individual investors and large institutions. As one of the few blockchains capable of speeds and costs that rival traditional payment systems, it's little wonder why interest in the project continues to surge. With SOL now firmly entrenched in the top 10 cryptocurrencies by market value, many are left wondering how far its price might progress in the years ahead. In this report, we analyze Solana's past performance and conduct thorough price predictions spanning both the short and long-term. Technical indicators are examined alongside fundamental Factors known to impact crypto markets. We also survey the outlooks of respected analysts to provide a well-rounded perspective on SOL's potential. By understanding what drives this coin's value fluctuation, our goal is to offer guidance surrounded by facts rather than hype.
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Is Solana a good investment?
Analysts view Solana as a viable long-term investment due to its scalability and advances, but it remains a highly volatile asset so only invest what you can afford to lose.
Will Solana survive long term?
Most analysts believe Solana has strong potential for long-term survival due to its active development community and expanding ecosystem of use cases and applications.
Is now a good time to buy SOL?
There's no definitive answer as the crypto market is unpredictable. DCA (dollar cost averaging) is generally recommended over attempting to "time the market”.
How does SOL compare to Ethereum?
Solana offers faster transaction speeds and lower fees than Ethereum currently. But Ethereum still has a larger ecosystem and first-mover advantage.
Solana is a blockchain that supports builders around the world, allowing them to create crypto apps. It’s an open-source project supporting smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps).
Solana’s native token is SOL, which is used to pay the blockchain’s transaction fees and for staking. The Solana blockchain is different from others because it allows fast and cheap transactions.
This is because, unlike other blockchains that solely use a proof-of-work or proof-of-stake consensus mechanism, Solana uses proof of history, which is a unique algorithm that validates transactions. Solana uses a hybrid model, combining proof-of-stake and proof of history for even faster processing.
There are various factors that might influence the rise and fall of Solana’s price. Below are some of the most common factors that can impact the price of SOL.
If the crypto market crashes, so can the price of cryptocurrencies. Different factors can cause the market to crash. These include interest rates, inflation, and other factors that affect how confident people feel investing their money in volatile markets. Moves by the Federal Reserve to combat high inflation and stabilize markets can also cause the crypto market to crash. This can, in turn, lower the price of cryptocurrencies such as SOL.
Other factors that can cause crypto crashes include lack of liquidity in cryptocurrency markets, security breaches, and regulation.
FED influences in the money market is another factor that can affect the price of cryptocurrencies like SOL. These influences can cause shockwaves in the entire monetary ecosystem. The Federal Reserve is known to raise interest rates during times of high inflation, which can impact crypto prices.
New and promising crypto projects can also impact the price of established crypto coins like Solana. There are thousands of cryptocurrency coins available, while new tokens and projects are constantly being created. So, if a new competitor gains momentum, it can take value from the existing competition. As new tokens and projects are created, this could drive the price of SOL down, while the new competitor’s price rises.
Solana has a wide range of use cases. Hundreds of developers build their projects on the Solana blockchain. Others use the network to mint, sell, and trade NFTs. Yet, many are using Solana due to its fast and cheap transactions. When a blockchain has a wide variety of uses, that drives up its value, which in turn, increases the price.
Sometimes, blockchains experience network outages, often due to the emergence of new ways of achieving consensus. Solana is one of those blockchains that has had frequent network outages, which can cast doubts on the centralization issue and scare some investors away. This, in turn, can lower the price of the asset in the market.
In June 2023, it became known that the U.S. Securities and Exchange Commission (SEC) considers the popular cryptocurrencies Cardano (ADA), Polygon (MATIC), and Solana (SOL) to be non-registered securities. The SEC considers trading these cryptocurrencies in the U.S. to be illegal because it’s impossible to protect investors’ rights. This position of the SEC is expressed in the lawsuit against Coinbase and Binance US that are charged with illegal trading.
The Robinhood broker and several other providers of cryptocurrency trading services have announced that they will delist ADA, SOL, and MATIC.
Representatives of the cryptocurrency projects have stated that the accusations are groundless. Nevertheless, after this news was published, capitalization of the cryptocurrencies mentioned in the lawsuit fell rapidly. Traders Union’s analysts believe that the price of these tokens will be under pressure from sellers until the situation is settled. At the same time, it should not be ruled out that in case of a successful settlement of the situation, the price may rise very significantly.
By the end of 2033, the price of Solana is predicted to be at $2019.22, according to the Traders Union.
Because these are only predictions, keep in mind this is not financial advice because again, the crypto market is volatile, and can experience sharp fluctuations at any time.
In addition, cryptocurrencies are highly sensitive to changes in the market. Therefore, price predictions can be wrong, as they’re based on current market conditions. And there is no guarantee these conditions will stay the same.
| Month | Minimum Price | Maximum Price |
|---|---|---|
| 2024 | $188.9 | $213.99 |
| 2025 | $242.4 | $274.6 |
| 2026 | $311.08 | $352.39 |
| 2027 | $399.19 | $452.2 |
| 2028 | $512.27 | $580.3 |
| 2029 | $657.36 | $744.65 |
| 2030 | $843.54 | $955.56 |
| 2031 | $1082.47 | $1226.22 |
| 2032 | $1389.06 | $1573.53 |
| 2033 | $1782.5 | $2019.22 |
| 2034 | $2287.37 | $2591.12 |
| 2035 | $2935.22 | $3325.03 |
According to the TU price prediction, Solana(SOL) could cost $302.06 by the end of 2025.
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| January 2025 | $196.63 | $218.48 | $240.33 |
| February 2025 | $200.76 | $223.07 | $245.38 |
| March 2025 | $204.97 | $227.75 | $250.53 |
| April 2025 | $209.28 | $232.53 | $255.78 |
| May 2025 | $213.67 | $237.41 | $261.15 |
| June 2025 | $218.16 | $242.4 | $266.64 |
| July 2025 | $222.74 | $247.49 | $272.24 |
| August 2025 | $227.42 | $252.69 | $277.96 |
| September 2025 | $232.2 | $258 | $283.8 |
| October 2025 | $237.08 | $263.42 | $289.76 |
| November 2025 | $242.05 | $268.95 | $295.85 |
| December 2025 | $247.14 | $274.6 | $302.06 |
While the prospect of Solana hitting $1,000 is likely, it probably won’t happen in 2024. One reason is that the market is still growing and needs time to generate more demand.
According to Solana price prediction from the Traders Union analysts SOL can reach only $235.39 in 2024.
It’s unlikely for Solana to hit $10,000 anytime soon. However, there are some sources that make such a prediction, the likelihood of this happening is low.
According to Traders Union analysts Solana can reach $2019.22 only in 2033. So, can we rule out the possibility of SOL ever hitting $10,000? No, absolutely not.
Since its creation in 2017, Solana has already seen some phenomenal growth. So it’s no surprise that its native token still has a lot of growth potential, especially if the overall bull market structure stays intact.
Plus, Solana is still ahead of many competitors, offering smart contracts, while others don’t. The blockchain also has an active developer base, and its growth in 2023 far surpassed expectations. So, can we rule out the possibility of SOL ever hitting $10,000? No, absolutely not, but we’ll just have to wait and see.
Solana has gained popularity in recent times due to its lightning-fast transaction and low transaction costs compared to other blockchains. Solana's ecosystem is continuously growing, with new applications getting launched daily. Its innovative technology stands out. For instance, Proof of History (PoH) is Solana’s unique consensus mechanism that works alongside Proof of Stake (PoS) to provide faster confirmation times.
Aside from its innovative technology that guarantees Solana’s success, here is another reason for you to invest in Solana now.
Solana ranks in the top 10 among the largest cryptocurrencies by market capitalization. It saw a rapid rise in value since the beginning of the fourth quarter of 2021. It is designed for scalability as the network is designed to handle throughput. Solana is capable of processing 65,000 transactions per second.
Solana also has numerous utilities. Its ecosystem thrives with various dApps, projects, and DeFi (decentralized finance) applications. The active community contributes to its development and robustness, guaranteeing the success of your investment.
Despite Solana's uniqueness, it has several issues to consider before investing in it. It has faced several network outages that rendered the entire network unusable for hours. While the network might still be in beta, investors don't want to see their money locked up for hours. Consequently, Solana has faced much criticism from the crypto community, targeting its centralized cryptocurrency foundation.
Solana has been one of the top-performing cryptocurrencies of the year, and has steadily gained investor trust in recent months. Due to the role that FTX played in the rise of Solana, some level of uneasiness still lingers around about this crypto. The SEC (Securities and Exchange Commission) had actually suggested back in June that Solana might be an unregistered security. Consequently, there has been fear, doubt, and uncertainty over Solana's future.
To Solana's favor has been its ability to win over large institutional investors. Solana even seems to be beating Ethereum as the altcoin of choice. So keep tracking Solana and have high expectations for the crypto.
Solana is a blockchain network that was designed to be fast, secure, and efficient. Its ultra-efficient blockchain means it uses significantly less energy than proof-of-work blockchains, and has some of the lowest transaction costs out there.
Beyond that, it has a variety of use cases, from smart contracts to (DeFi) platforms, such as decentralized crypto exchange. So, it’s not surprising that many crypto analysts expect Solana’s native altcoin SOL to increase in value as the years go on. The question is, by how much? The exact number is hard to predict.
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
