Solana Price Prediction: Should You Buy SOL in the Bear Market?
Solana is a blockchain network that came to the top extremely quickly and strongly in 2021 and pulled attention to itself with high transaction speeds. This article is all about Solana price prediction and various other aspects. Let’s take a look at it in more detail.
What is Solana (SOL)?
Solana is a blockchain network that is characterized by an extremely fast transaction speed and thus extremely high scalability. Solana’s blockchain can theoretically process up to 50,000 transactions per second. This high speed is possible because of the proof-of-history consensus mechanism.
Solana network’s native token is SOL. The SOL token witnessed a tremendous gain in value in the 2021 bull market. This was mainly due to the great hype surrounding the extremely high transaction speeds of Solana. Solana has been utilized more and more by dApp developers over time. The Solana blockchain has become increasingly significant, particularly in the area of
How has the SOL token performed in the last few months?
The SOL token witnessed a huge price surge in 2021 within the bear market that pushed the cryptocurrency into the top 10 coins by market cap. The SOL token touched an all-time high of $260 in November 2021.
After this all-time high, the bear market started and the price dropped sharply in value. When 2022 started, the SOL price was only $170. There were further serious losses in January before the SOL price was able to rebound in the following months. In May and June, the price drop continued.
In mid-June, the SOL price dropped to $28. The SOL price has lost more than 85% of its all-time high. In the weeks and months that ensued, the price was able to rebound. At the time of writing this, the SOL price is trading at $32.95.
Solana Price Prediction: Why was Solana so popular in the bull market?
1/ Today we are announcing Mesh – a new program that we built specifically with institutions and DAOs in mind. We are excited to bring this new experience to Solana and make it part of the Squads Multisig Program Library. Let’s dive into all things Mesh. pic.twitter.com/HAKUeKEuLV
— Squads (@SquadsProtocol) October 7, 2022
As mentioned earlier, Solana can process up to 50,000 transactions per second. This high speed assures that the Solana blockchain is extremely scalable. Decentralized applications can thus expand extremely fast on the Solana blockchain via smart contracts. This made Solana extremely popular with developers as the foundation of their dApps in 2021.
The great hype surrounding Solana was also deeply related to its role in the NFTs. In the last 1-2 years more and more NFT collections have been constructed on the Solana blockchain. Solana has proved itself as the number 2 blockchain behind Ethereum in NFTs. This pushed the massive price gains for the SOL token.
Can the Solana price rise again in the future?
The bear market pushed the SOL token to lose more than 85% of its price. This indicates that the losses at Solana are identical to those of other Altcoins. Still, Solana has managed to stay in the top 10 cryptocurrencies by market cap. Solana is now a time-honored name in the crypto market.
A future uprise in the Solana course can definitely not be ruled out. The Solana price could rise again in the next bull market. Likewise, the probability rises that Solana can also establish itself in the top 10 in the bear market. This means that many investors could buy the SOL token again in the next bull market.
Solana Price Prediction: Can Solana price hit $10,000?
At the end of 2020, the SOL was still at $1.50 and climbed to an all-time high of $260. The Solana price was achieved by a factor of more than 170. This high could also be replicated in the next bull market. But can the Solana price actually reach $10,000?
To answer this question, we need to look at how high the Solana price can go in the next bull market and how it will continue in the next few years. In the following, we look at when the Solana price can rise and how high.
How high will the Solana price go in the next bull market?
The bull market may still be a few months away. We could see a stronger surge in the market as early as 2023. But particularly after the Bitcoin Halving 2024, we could very likely witness the price rising for weeks and months. This means that the Solana price could also rise more strongly again in 2024 and particularly in 2025.
If we have to determine how high the Solana price can go, we need to look at how cryptocurrency prices will develop in subsequent cycles. Price increases tend to slow down in subsequent bull markets. If we assume that $28 is the bear market low for Solana price and assume a 50x increase, SOL could rally to around $1,400 in the next bull market.
Possible Solana price prediction in 2025: $800-$1,500
When Can Solana Price Reach $10,000?
So we could see that the Solana price can touch $1,000 in the next bull market. Yet, the 10,000 mark is rather unrealistic in the next few years. If we witness a bear market again after that, we could see declines of 85% again. In this case, the Solana price could drop to around $200.
Now, if we wait another 4 years for another bull market, we could see strong increases again. Yet, assuming only a 25x increase here, then the Solana price could touch $5,000.
Possible Solana price prediction in 2029: $2,500 – $5,000
So we can witness that according to our calculation, in the next 2 bull markets it is very unlikely that Solana price can touch $10,000. However, the price could still rise massively, which our forecasts indicate.
Is it worth investing in the SOL token now?
Solana’s SOL token could be a reasonable investment in the bear market now. We must note that this is a risky investment. Solana is currently undergoing its first major bear market and is less established than Bitcoin, Ethereum, or Cardano.
Until the next bull market, you now have the opportunity to regularly invest in the SOL at low prices. You can accumulate the token and make high profits if the Solana price increases again massively in the bull market.
How to Buy Solana (SOL)?
There are several methods to buy SOL. Yet, the most straightforward approach to buying SOL is by using an exchange like Gate.io. Gate was founded in 2013, and it is one of the top 10 exchanges when it comes to actual trading volume. It covers almost 130+ countries. The following are the steps to buy SOL.
- Step1: The first step is to create an account on Gate.io. The account will be immediately confirmed with Gate.io’s quick and efficient verification method. Now, to create an account, simply click on the “Signup” button located at the top right corner of the website.
- Step 2: The next step is to fill out the Sign up form. After filling out the Sign-Up form, just click the “Create Account” button.
- Step 3: After clicking on the “Create Account” button, a verification link will be sent to your email. This will tell you whether you have successfully created your account or not.
- Step 4: Verify your email by going to your email and then opening the message sent by gate.io. Simply click on the link sent by Gate.io. After this, log in to your account and set two-factor authentication. This is crucial as it keeps the account safe from malicious actors. To do this, go to the “Settings” tab at the top of the website. Next, switch to the “Security Settings” tab and then click “Two-factor authentication.” Simply follow the instructions given and set up the two-factor authentication.
- Step 5: Now, the next step is to deposit funds into your gate.io account. For this, go to the “Wallet” tab located at the top right corner and then click the “Deposit” option. For this, select the currency from the options you want to deposit funds to and click “Deposit.” After this, copy the address and paste it into your wallet and insert the amount you want to deposit.
- Step 6: This is the step where you will buy Solana (SOL). To buy Solana (SOL), simply go to the “Markets ” tab located at the top left of the website. Next, select the currency and market pair you want to trade with. Finally, after selecting the desired pair, enter the amount you wish to trade and then simply click on “Buy.”
How to stake SOL tokens?
According to the official documentation, you can stake SOL by sending your tokens into a wallet that supports staking. The wallet delivers steps to create a stake account and do the delegation.
- Step1 Create a Stake Account: Follow the wallet’s step-by-step instructions for creating a staking account. This account will be of a distinct type from the one utilized to just send and receive tokens.
- Step2 Select a Validator: Now, select the wallet’s validator. The potentially performant validators are here. The Solana Foundation does not suggest any certain validator.
- Step2 Delegate your Stake: Finally, follow the wallet’s instructions for delegating yours to your desired validator.
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