Solana (SOL) has been one of the best performing assets since Q4 2023 and so far this year. This positive trajectory has sparked a lot of talk about the altcoin’s bullish potential and the possibility of it significantly surpassing its all-time high this cycle.
However, it seems that many crypto enthusiasts are still not convinced that Solana’s price can reach new highs. According to a recent survey by CoinGecko, most investors are betting that the SOL token will only grow to $300 in this cycle.
10% of Crypto Investors Expect SOL to Reach $1,000: CoinGecko
In a post-halving poll, cryptocurrency data aggregator CoinGecko noted that is found Cryptocurrency enthusiasts are somewhat cautious about the future price trajectory of Solana. This survey, which also highlighted price predictions for Bitcoin and Ethereum, received responses from over 2,500 anonymous participants.
According to CoinGecko’s findings, 24.9% of crypto participants expect Solana’s price to only rise to $300 in the current cycle. As shown in the chart below, this seems to be the most popular altcoin price prediction among the crypto crowd. $300 would represent a price increase of just 16% from the current all-time high of $259.
A chart showing Solana price prediction in the current cycle | Source: CoinGecko
Furthermore, the second most common forecast was the $300-$400 range, which was forecast by approximately 14.7% of all survey participants. This was closely followed by two categories of forecasts, including $400-$500 (12.6% of respondents) and $500-$600 (12% of respondents).
It is worth noting that about 10.6% of the survey participants expected Solana to surpass $1,000 in this current cycle. It would take at least a 900% rise for SOL to reach this price target from its current price point.
Solana Price Overview
At the time of writing, Solana is trading at around $183, a notable 6.2% gain over the past 24 hours. This daily performance reasserts market dominance after a slow week for the cryptocurrency.
Moreover, this 24-hour surge only confirms Solana’s impressive performance over the past two weeks. According to data from CoinGecko, the SOL token has surged by more than 30% in the past 14 days.
📈 Solana made history today by overtaking Binance Coin to move into the #4 spot in crypto for the first time in over 4 years of trading. We expect the two assets to be close together, but SOL’s +35% growth vs. BNB’s +10% growth over the past two weeks is giving SOL the momentum. pic.twitter.com/Y9R3Wv5mv1
— Santiment (@santimentfeed) July 26, 2024
Thanks to this positive performance, Solana achieved a historic feat on Friday, July 26, briefly overtaking BNB as the fourth-largest cryptocurrency by market cap, according to a recent report from Santiment. However, the altcoin has returned to the fifth spot in the crypto market cap rankings.
The price of Solana faces rejection at $185 on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image by Getty, chart by TradingView
