Solana Price Prediction: SOL’s Path to $600 as Altcoins Gain Momentum in 2024 Market

The post Solana Price Prediction: SOL’s Path to $600 as Altcoins Gain Momentum in 2024 Market appeared first on Coinpedia Fintech News

Almost all the top cryptocurrencies have shown growth in the last seven days. Some cryptos have even outperformed Bitcoin. Solana has recorded a gain of 34.7% – far above BTC’s 7-day rise of 28.1%. The price of Solana now stands at $217.71. The Q4 2024 Crypto Investment Manager Survey by MV Global suggests that the SOL price may reach around $600 in this bull cycle. Let’s analyse what the survey report conveys in depth.    

Solana’s $600 Potential in the Bull Cycle 

The Crypto Investment Manager survey focuses on venture capital and hedge fund sentiment on key cryptos in the current bull cycle. As many as 76 top funds participated in the survey. At least 33% of the respondents predict that the price of Solana could surpass the $600 mark in the present cycle. Meanwhile, at least 23.2% expect the Solana price to reach the level of $600 but not beyond. However, the remaining respondents suggest that the SOL price would remain inside the range of $150 and $300 in the currency cycle. 

Solana and Ethereum Expected to Outperform Bitcoin 

In the last 30 days, Solana, with a gain of 49.2%, has outperformed Bitcoin (40.6%) and Ethereum (37.7%). The survey report highlights that Solana and Ethereum may outperform Bitcoin in the current cycle, pointing out SOL’s exposure to sectors like DePIN and Meme Coins. 

Moreover, at least 75% of survey respondents believe that Solana could even perform better than Crypto ETFs in the present cycle.

The survey emphasises that the price of Bitcoin could reach a high range of $100K and $150K in the current cycle. 

Selective Altcoin Boom in 2025

The survey report suggests that most funds anticipate a limited altcoin season with a focus on specific tokens. At least 43% of the respondents to the survey expressed their confidence in AI-related tokens. Nearly 14.3% favoured DePIN tokens. 

Scepticism Surrounding Meme Coin, Gaming and Layer-2 Tokens 

Nearly 27.5% of survey respondents expressed scepticism about the growth of the gaming token sector. Likewise, at least 24.6% conveyed their disinterest towards Layer-2 tokens. The majority of the survey respondents indicated reluctance to increase their exposure to meme coins, showing a lack of confidence in this asset sector. The report reveals that only 43% have exposure to meme coins, and only a few have invested over $10,000. 

In conclusion, MV Global’s survey provides valuable insights, capturing both optimism for specific tokens like AI-related tokens and caution around others as the market prepares for a potential peak in 2025.