Crypto forecasts: the price of SOL (Solana) could return to its highs

The price of SOL, the native crypto of Solana, in this 2024 has not yet managed to return to its highs. 

The all-time high was reached in November 2021 at almost $260, while this year in March it managed to get just above $200 at most. 

Currently it is around $170, which is 34% less than the all-time highs, but according to some forecasts it has the potential to return to $260.

The forecasts on the price of the crypto Solana (SOL)

It is necessary, however, as usual, to distinguish between short-term forecasts and long-term forecasts. 

In the short term, the key point is whether it will be able to return to the annual highs, that is, around 200$.

According to some forecasts, the increase in network usage could significantly raise the demand for SOL over the next few months, potentially having the strength to bring its price back to $200.

Just a couple of days ago, before yesterday’s drop to $170, a chart of Solana usage was published that gives hope. 

In fact, although still relatively far from the March peak, the current levels are second only to that peak in the current year. 

Furthermore, the chart clearly shows a strong upward trend, which started in November 2023 and is still ongoing, net of daily peaks. This trend actually stopped from April to June, but resumed in July. 

It is still necessary to keep in mind that at this moment there is practically no reliable analyst claiming that the price of SOL could return to its annual highs by the end of the month. We will have to wait at least until August, if not September, for the start of a new potential bullrun. 

What to expect for August

Some forecasts suggest that as early as next month, the price of Solana’s crypto could approach the annual highs of around $200.

The fact is that the current situation seems relatively stable, despite the drop last night, so much so that the current price is the same as five days ago. 

But this phase of relative stability could come to an end during the month of August, perhaps giving way to a new small rally, maybe similar in some ways to that of February/March.

At the base of these predictions is primarily the growth in the use of the aforementioned Solana ecosystem, but also other considerations, such as a possible bull movement of the entire crypto market, or new partnerships.

The definitive entry into force of the new European MiCA regulations could also help, which could favor an institutional development of the crypto sector. 

The long-term prospects on the price of the crypto Solana (SOL)

In the long term, there are even more positive forecasts. 

It should be noted, however, that not all forecasts regarding the future trend of SOL’s price are in agreement. Only a small portion of analysts dare to predict that new all-time highs may be recorded, perhaps next year. 

One of the most authoritative subjects more bullish on Solana is the division of Franklin Templeton dedicated to Digital Assets. 

Recently, in fact, he wrote that Solana has shown significant adoption, and that it continues to mature, overcoming the problems due to technological growth. 

They do not make price predictions, but in fact, they come to compare in some ways the Solana ecosystem to Ethereum and Bitcoin, considering SOL the third major crypto after BTC and ETH. 

It should be noted that Bitcoin has already recorded new all-time highs in price this year, while Ethereum has not, at least so far. Many expect that ETH will also be able to record new ATHs in the coming months, and SOL could follow suit. 

Furthermore, after BTC and ETH, it is precisely SOL that is the third cryptocurrency for which spot ETFs could be launched on the US exchanges, probably between the end of the year and the beginning of 2025. 

The ETF

For now, the impact of ETFs on the price of Bitcoin has been significant, while on Ethereum not yet. But it should be remembered that even for Bitcoin in the first two weeks of presence on the stock exchange, the ATFs even caused the price to drop, only to start giving their big positive contribution about a month after the landing. 

The same thing could happen for Ethereum, and perhaps in the future something similar could also happen for Solana. 

The fact is that ETFs exponentially increase the potential user base of cryptocurrencies, on a speculative or purely financial level, and this ends up bringing greater capital inflows to the crypto market, even if indirectly. 

If, as many believe, during the month of August sooner or later even the ETFs on Ethereum will start to favor its market value growth, perhaps even reaching new highs, something similar could eventually happen to Solana as well, maybe next year.