SOL has the potential move to $1,000. The ongoing SOL breakout raises the question: when exactly can SOL move to $1,000?
See related: Solana predictions 2024 to 2030
Solana ($SOL) is an open-source foundation-led ecosystem that has steadily been gaining traction in recent years, seeing increases in developers (2.5K), active accounts (11.5M), and users (40M daily transactions).
With average transaction fees of $0.00025 and testnet speeds of 60,000 transactions per second, it’s a viable Ethereum alternative, especially taking extortionate ETH gas fees into account. Solana is carbon neutral and is becoming quite an attractive ecosystem for developers to build on.
Topics we cover in this blog post:
- Solana Fundamentals
- Price of SOL – Uptrend continuation or hesitation?
- Price of SOL could hit $1,000 by 2030
- Track record of SOL buy recommendations
- SOL to hit $1,000 before 2030
- A potential 100-bagger in Solana’s ecosystem?
At the time of writing, the price of SOL is $97. Let’s take a look at whether the $1,000 price tag is justified or not.
Solana fundamentals
First and foremost, the Solana fundamentals are exceptional. In equity terms, Solana is a blue-chip crypto. While many predicted that the SBF fiasco would put Solana out of business, after it crashed 94%, it quickly moved beyond it, gaining 300% within a year, to become one of 2023’s best performers.
It has a huge community, tiny transaction costs, and a full suite of development tools. But what’s more interesting are the companies building with, and on, Solana. Helium, a LoRaWAN hotspot provider, migrated its services to the Solana blockchain in 2023. Helium provides hotspots in 170 countries and 5G services to some US cities. The cited reason for the migration was that the network could not keep up with growth, needing more operational efficiency.
This was one of the largest L1 migrations in history. Other notable platforms launched from Solana include Star Atlas, STEPN, Civic, Injective Protocol, Raydium, Mayan Finance, Serum, and Wormhole Bridge. Hivemapper and ASICS are other Solana case studies with potential. The Solana Foundation is definitely making its presence felt in Web3. And not just Web3 – it has entered partnerships with Visa and Spotify.
“The network is strong heading into 2024, with recent reports highlighting the 2500+ developer community, 40.7 million daily user transactions, & mature tooling.”
But while Solana looks great in terms of fundamental analysis, this is not enough to make a sound investment decision. All it means is that SOL is unlikely to decrease significantly without bouncing back (unlike other coins with no utility value) and that the trend should generally move upward, over the coming years. Remember that Ethereum had these impressive-looking metrics for many years, but this information was not reflected in price movements.
Price of SOL – Uptrend continuation or hesitation?
From a charting perspective, the SOL price might find it difficult to hit $1,000 in the short to medium term. However, long term, we are convinced that SOL will move to $1,000.
Network developments and upgrades are great on a 3 to 10-year basis, for buy-and-hold investors who can invest at a bottom and hold for appropriate intervals – certainly not a common trait for crypto investors!
However, they can be misleading to investors who don’t fully understand how cycles work in the crypto markets. It often leads to investing high, getting frustrated about a lack of upward price movements, and selling prematurely.
Meanwhile, the daily Solana chart indicates hesitation. The 2023 uptrend seems to have follow-through. Now that SOL seems to be clearing its breakout level at $118.88 it looks like it wants to rally to test ATH.
Update March 24th: We believe, based on this chart setup, the bullish ABCD pattern which we forecasted back in February is now nearly complete. It looks like SOL wants to touch ATH at $250 in this ongoing bull run which should be complete not later than May of 2024.
Source: TradingView by InvestingHaven.com
Welcome to alt season 2024, filled with top opportunities, even though the market will be selective with the tokens it will push much higher.
Price of SOL could hit $1,000 by 2030
Over the long term, the price of SOL could hit $1,000 by 2030. It shows a bullish chart structure and combined with the previous chart, indicates a cup-and-handle formation before hitting the $1,000 threshold.
Update March 24th: In the near term, the SOL long term chart structure indicates a rounded pattern with a bullish reversal, pointing to a test of former ATH. What should be noted is that these type of ATH tests may be a local top, prices tend to retrace after ATH are touched. Long term, this is a bullish setup. Short to medium term, we expect ATH to act as resistance. In other words, SOL needs to continue to extend this 2-year rounded pattern before being able to exceed ATH and run to $1,000.
Long term, this pattern suggests that it will move to and exceed ATH. We firmly believe that Solana has much more upside potential despite its recent surge. Note, however, that this current price point is far from great for new entrant.
Stated differently, the current price is only recommended for the buy-and-hold investor. Those ‘hodlers‘ will almost need to ignore the daily and monthly charts (which might encourage a premature sale).
Track record of SOL buy recommendations
The premium crypto service at Investing Haven combines time with price for precise entry and exit points. This makes all the difference for cost-conscious investors looking to maximize ROI.
We’ve been extremely accurate concerning SOL, warming to it when it was $20.
- On July 7th, 2023, we highlighted to our premium subscribers that $20.86 was an attractive price.
- On August 8th, 2023, we recommended it again at $24.16, outlining how it continued to improve as a long-chart setup.
- On October 24, 2023, we commented on the impressive bottoming formation on the chart, when it was priced at $31.12.
All of our previous wins are documented in the premium service. We don’t recommend Solana now as there are tokens with far better multipliers. However, Solana is certainly a good buy-and-hold coin.
SOL to hit $1,000 before 2030
It’s certainly possible for the price of SOL to hit $1,000 by 2030. We just think buying at a high price and waiting for 6 years is a losing strategy. That’s because most people do not have the patience or emotional mastery to do this.
A potential 100-bagger in Solana’s ecosystem?
Indeed, there might be one 100-bagger token that will provide extreme leverage in case $SOL continues to rise. We covered this in detail in this blog post Finding 100-Baggers Is Far More Difficult Than It Sounds.
For more detail, we refer to this research note sent to premium members on February 18th, 2024:
The Highest Risk Reward Solana Play (100x Candidate).
While we might have found a 100-bagger in Solana’s ecosystem, it is wise to get your principal out once this 100-bagger candidate starts rising.
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Disclaimer: This is not financial advice. Please consult with a financial advisor prior to making any investments.
