Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
After a difficult week for the cryptocurrency sector, things are starting to improve again for most of its assets, leading crypto investors and traders to wonder where the price of Solana (SOL) could end up in the near future.
As it happens, the community at CoinMarketCap has made exceptionally bullish predictions that the SOL token will, in fact, trade at a median price of $250 by August 31, 2022 – using the website’s ‘Price Estimate’ option that enables users to suggest and vote on what they believe the price of a digital asset would be in the future.
With this prediction, the community votes are forecasting that the price of the decentralized finance (DeFi) asset will increase by as much as 530.06% or $210.32 by the end of August from its current value at the time of publication.
By press time, 3,015 community members had used the opportunity to cast their prediction votes, arriving at the above estimate.
Community confidence renewed
One of the reasons for the bullish predictions could be the renewed confidence in the network after opening a physical store in New York City, and referring to it as “the world’s first retail and educational space dedicated to Web3.”
In late June, Solana also announced the introduction of Saga, an Android Web3-focused smartphone although, historically, launching a crypto or Web3-based phone doesn’t necessarily guarantee its commercial success.
In terms of price predictions for the end of September, the community expects SOL to trade lower than in August, with the median price of $75 according to the 900 votes cast so far. This would represent a more modest improvement of 89.02%, or $35.32 from the current price.
As for the end of the year, the long-term price forecasts by a consensus of 54 crypto and Web3 industry fintech experts see Solana closing 2022 at the price of only $45, or 82% less than what the crypto community expects for the end of August.
Although the community predictions of $250 for the end of August seem like a long shot, the all-time high that Solana reached in November 2022 was $260, so they are still plausible.
Solana price analysis
Since the year’s turn, Solana has lost $133.32 or 77.06% on its price, dropping from $173 on January 1 to the current $41.89. The price at press time marks a 0.23% decline across the previous seven days, yet it is still up by a 12.38% increase on the day.
Furthermore, according to data that Finbold retrieved from CoinMarketCap on July 28, the entire market capitalization of SOL – the ninth-largest cryptocurrency by this indicator – currently stands at $14.4 billion.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.