- Solana was one of the leading gainers in the recent Bitcoin-led altcoin rally.
- Reputable asset fund managers believe Solana could reach $3,200 by 2030.
- VanEck argues that Solana’s fundamentally different approach will help it outperform most projects.
A wave of optimism is sweeping through the crypto markets, signaling a massive shift in the tides. Altcoins are rising in orchestrated harmony, seemingly warming up for the much-anticipated ETF approval. Among these digital assets, Solana has emerged as a vanguard, surging 47% and leaving onlookers in awe.
SOL’s performance has been nothing short of a spectacle, inviting market participants and analysts to predict where it could land. Yet, amidst these sentiments, some tread with caution, and there are others who envision an astronomic 10,000% pump by decade-end.
VanEck’s Super Bullish Solana Prediction
On Friday, October 27, the multi-billion-dollar asset fund VanEck provided valuable insights into Solana’s potential valuation for 2030. According to the asset fund manager, Solana is poised to reach $3,200 by the end of this decade. However, this ambitious target comes with some idealistic conditions, including Solana becoming the first blockchain to onboard over 100 million users successfully.
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VanEck emphasized that for Solana to reach its astronomical potential, it should monetize only 20% of Ethereum‘s take rate and capture less than half of Ethereum’s market share, which the firm believes is achievable due to the fundamental difference between their community philosophies.
In the report, analysts compared Solana’s approach and usability to other blockchain projects, highlighting that while many projects are intensely focused on enhancing blockchain scaling, Solana is charting a different course by optimizing every component of its network to achieve hyper-efficiency and high transaction throughput.
VanEck also highlighted the significance of Solana’s FireDancer upgrade, which could potentially widen the performance gap between Solana and other blockchain networks. This upgrade could allow Solana to exceed its current capacity tenfold.
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The asset manager later delved into various metrics, such as data throughput, applications, philosophical differences, and costs, to strengthen the case for Solana’s dominance in the future, especially when compared to projects like Ethereum.
While VanEck’s predictions are undoubtedly optimistic, considering factors like Solana’s upcoming FireDancer upgrade and its current emphasis on throughput, it’s important to note that their projections also encompass a more conservative outlook. In a bear market, VanEck anticipates Solana’s price reaching $10, with a baseline valuation of $335 by 2030.
On the Flipside
- At press time, Solana’s year-to-date growth stood at 200%.
- The Total Value Locked on the Solana blockchain has plummeted 97% from its approximate $10 billion peak in November 2021, suggesting that users are cautious about using the chain for DeFi purposes.
Why This Matters
Many traders and investors on social media hold highly idealistic and optimistic views regarding their favorite crypto projects, frequently foreseeing significant price surges, even up to 10 times their current values. However, considering VanEck’s reputable status and extensive experience as a fund manager, its perspective on Solana, no matter how extraordinary it may seem, holds significant influence and credibility.
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