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Crypto community projects over 40% upside for Solana by May 31, 2022

Crypto community projects over 40% upside for Solana by May 31, 2022
Jordan
Major
2 months ago
3 mins read

Solana (SOL), a blockchain platform for hosting decentralized apps (dApps) and presently the sixth-ranked cryptocurrency in terms of market value, has had a rocky start to the new year.

Despite the fact that the DeFi asset is still a long way from the all-time highs it reached in 2021, the cryptocurrency community at CoinMarketCap is expressing a great deal of confidence for the price of the token, predicting that Solana will trade at $131.79 by the end of May 2022. 

The projected price reflects a 40.15% or $37.76 increase over the product’s existing price, at the time of publication. Overall, votes from 3,074 members of the CoinMarketCap community were taken into consideration to arrive at the final price estimate.

Solana price estimate. Source: CoinMarketCap

In terms of Solana price predictions, the crypto community has an average estimated historical accuracy of 67.9% based on estimates from the last six months.

SOL price estimate accuracy. Source: CoinMarketCap

Solana price analysis 

Currently, Solana is trading at $94.02, down 2.72% in the last 24 hours and 7.53% across the previous week. As things stand SOL has a total market value worth $31.4 billion. On the basis of market capitalization, it continues to be a top competitor. 

SOL price chart 7-day. Source: CoinMarketCap

With its genuine volume, Solana has been able to outperform other leading rivals like as Cardano. With $310 million in real-world transactions, it is currently the third-largest smart contract network in terms of real-world volume. Only Ethereum and Terra are more valuable, with $2.46 billion and $506 million in value, respectively. 

Meanwhile, the interest in cryptocurrency exchange traded products (ETPs) grows, Valour Solana have recently has begun trading on the Europes largest stock exchange, increasing the digital assets’ exposure to investors.

The real-world number of transactions on different smart contract systems continues to increase. In this aspect, Ethereum continues to be the undisputed leader. However, Other smart contract systems, such as Solana, are, nonetheless, continuing to make inroads. 

Since the beginning of 2017, these networks, which are substantially younger than Ethereum, have been making inroads into the Ethereum market share.

Within 24 hours, the Okay Bears had garnered more over $18.4 million in trading activity on the Solana network, indicating a significant increase in public interest. As a result, the NFT collection shattered previous records held by very popular collections on the Ethereum blockchain. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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