Solana Price Prediction: Will SOL Rise to $200 or Continue the Crash?

Solana NFT Beitragsbild

The Solana network hasn’t exactly been making headlines lately. The blockchain has crashed several times this year and caused a complete failure for users. Recently, a misconfigured node on the network caused an unrecoverable partition.

According to the experts, this is a rather trivial error. In doing so, however, Solana is increasingly jeopardizing the trust of institutional and private investors.

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Ethereum alternative Solana gambles on trust

In reality, Solana was there to build the best blockchain in the world. It should be much faster than Ethereum and Bitcoin and offer lower transaction fees. In short: Solana should be a pioneer for the entire crypto space.

But these “small” technical errors are gradually affecting the public. Is Solana perhaps overrated and unable to compete with its major rivals? This is the view of the former CEO of the crypto exchange Bitmax, for example. In a recent interview with Crypto Banter, he said that Solana “has no chance against Ethereum”. Among smart contract platforms, he sees the Ethereum network as having a clear advantage over Solana.

So if Solana were indeed overvalued, buyers of SOL, the blockchain’s native token, might naturally wonder if the price was too high as well.

Is Solana worth $90 billion?

In November 2021, SOL/USD reached a peak of $260 and was valued at a market cap of nearly $90 billion. This made Solana one of the 5 most valuable crypto companies in the world.

Solana had a big hype before. If the token still costs 50 cents in May 2020, the price has increased by an incredible 6,000 percent within 1.5 years. Early buyers could have received a whopping $60,000 return on a $1,000 investment. According to figures from Coinmarketcap, anyone who bought SOL in the pre-sale before launch will even get a return on investment of almost 13,750 percent.

Digital Coin Price

One SOL at 30 USD – high losses for buyers

But those times are long gone. In addition to the problems at Solana itself, the general weakness in the financial markets led to a massive correction at SOL. Currently SOL is trading at around $30. That’s down nearly 90 percent from the all-time high about a year ago.

This means that almost all SOL owners who bought the coin in the last 1.5 years are currently at a loss. Unless they saw the crash coming soon and sold their holdings of the cryptocurrency.

The people who are still loyal to Sol have the right to ask themselves if Solana can recover and the course will come up during the last year. Or is it time to pull the emergency brake and sell SOL because the price will continue to fall?

Chart Analysis: SOL could fall below $3

Technical chart analysis here reveals some interesting clues about a potential short-term trend in SOL price. In this way, a large falling wedge can be pulled into the daily rate. However, one thing to note about this pattern is that there was a stronger breakout above the resistance line, making it not a perfect textbook chart formation from a technical analysis perspective.

If the pattern is confirmed anyway, a bullish breakout is much more likely than a correction. Currently, SOL/USD is testing the strong resistance around $30. If a future breakout succeeds in being confirmed by a retest as a new support zone, SOL/USD could quickly make a dynamic rise.

However, if SOL is rejected down again in this zone, another correction to the support line could take the price back as low as $2-$3 levels.

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Worst case: $0.75 per token

A descending triangle can also be seen as another chart pattern. This smaller formation, which was only made in the last few months, has several points of contact with the descending resistance line and the horizontal support zone without a breakout to the bottom or a correction to the downside that has been underway so far . Therefore, it is a valid chart pattern.

SOL is also testing resistance in this chart formation. SOL must make a directional decision by mid-November at the latest when the resistance and support lines converge.

However, the descending triangle is a bearish chart pattern, so a correction is more likely. In this case, the technical price target is only $0.75. That was another loud correction of 97.5 percent and would have left many SOL buyers almost dead. On the other hand, on a breakout to the upside, SOL could rally towards $60.

What are the analyst price forecasts for the medium and long term future of SOL? Digital Coin Price is very optimistic here and believes that SOL can break the $50 mark again next year.

Forecasts vary widely: SOL estimates range from $3 to $200

Coin Price Forecast

With continued growth over the next few years, SOL could rise above $100 again by 2027 and break through the $200 mark in the early 2030s. That would never be a new level, though.

Coin Price Forecast expects a price increase of 37 percent to a good 40 dollars in 2023. Analysts do not expect the altcoin to reach the $50 level again until 2027. A maximum price of less than $80 is also expected in the long term, which it would be an increase of about 170 percent from the current level, but it is much lower than the previous level. estimate.

Meanwhile, Wallet Investor is bearish and sees another 90 percent correction in store for SOL buyers over the next 12 months. The forecast for the next 5 years is also very negative and Luna is seen at a price of less than 3 dollars.

IMTP token as an attractive alternative

The forecasts for Solana are mixed overall, which may be due to recurring network problems and also a loss of confidence.

Another exciting option could be to buy IMPT tokens. The new project has dedicated itself to the mega topic of our time, climate protection, and skillfully combined it with a smart investment concept. This is how IMTP buyers can trade carbon credits. The IMPT token is currently available in the first phase of the pre-sale at a preferential price of $0.018.

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