Bitcoin
BTC$65 160.59

-0.01%

Ethereum
ETH$3 545.92

4.22%

Tether
USDT$0.999568

-0.07%

Binance Coin
BNB$598.14

3.13%

Solana
SOL$138.51

1.86%

USD Coin
USDC$1.000069

0%

Solana rally mimicking Ethereum? Why a $500 SOL price target could be conservative


16 Sep 2021

#Solana

The sixth-largest cryptocurrency by market cap remains one of the best performers despite the overall crypto market losing more than $200 billion. A high-flying Solana (SOL) refused to land even in the face of a brutal sell-off in the cryptocurrency market on Tuesday. Two days later, the price of SOL rebounded to another new all-time high. The SOL/USD exchange rate averted a big pullback over the previous 48 hours and reached $217 for the first time in history. The pair’s ability to sustain bearish pressure underscored investors’ growing interest in Solana’s blockchain as an emerging rival to Ethereum, a public ledger currently leading the decentralized finance (DeFi) and nonfungible token (NFT) sector boom.

“The SOL outperformance in the market recently is more or less the continuation of its growth run in recent times,” said Petr Kozyakov, co-founder and CEO at payment service firm Mercuryo. “With more than two different NFT project launches and minting going on in the ecosystem per day, there is an unending demand for SOL from retail buyers. As a result, it has kept the price up more than 50% this week despite a market-wide crash.”

In detail, Solana hosted the launch of the NFT Degenerate Ape Academy on Aug. 15, which featured a collection of 10,000 cartoon apes. They were sold out in just eight minutes and involved 96,000 SOL or about $5.9 million. Solana continued its foray into the NFT space by enabling an FTX-backed digital collectibles marketplace earlier this week. FTX, a crypto derivatives platform, revealed that its new NFT venture would enable NFT creators and owners to trade their digital arts cross-chain using Solana and Ethereum.

Solana beats top rivals

The cryptocurrency market wiped more than $200 billion off its valuation following a sudden sell-off Tuesday. The leading digital asset by market capitalization, Bitcoin (BTC), saw its prices plunge from over $52,000 to almost $42,000 within minutes, which analysts largely blame on cascading long liquidations. Alternative cryptocurrencies, or altcoins, which more or less tail the Bitcoin trend, dropped in tandem, with the second-largest, Ether (ETH), plunging by up to 23.41%, and its runner-up — another smart contract rival — Cardano (ADA), dropping by 30.89%.

However, Solana was an exception in the sea of red. While the SOL/USD wobbled violently between gains and losses, it eventually closed the day 5.45% higher and followed it with extended upside moves in the sessions ahead. The pair has surged almost 890% after bottoming out on July 20 at $21.96. At the same time, the total value locked inside Solana-based DeFi projects has crossed $7.81 billion, per data provided by SolanaProject.com.

Greg Waisman, co-founder and chief operating officer of Mercuryo, told Cointelegraph that he anticipates SOL to have reached $500 by the end of 2021. He noted: “Solana’s growth runs appear to be mimicking that of Ethereum (ETH) and Binance Coin (BNB), and the $500 projection may turn out to be a conservative one for the coin.”


Related

The third wave of a crypto bear market
The third wave of a crypto bear market
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 16 $65 160.59 -0.01% -5.96% $1 284 603 252 583 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.4% 20 $3 545.92 4.22% -2.31% $433 581 160 914 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999568 -0.07% -0.03% $112 557 451 383 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82.4% 25 $598.14 3.13% -4.45% $88 276 134 573 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.4% 47 $138.51 1.86% -12.57% $63 977 830 485 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92% 3 $1.000069 0% 0.01% $32 866 426 901 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 33 $0.492690 -0.99% 2.06% $27 379 038 466 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66.8% 67 $0.124464 3.99% -13.60% $18 019 120 289 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 66% 66 $6.92 -2.91% -3.55% $16 860 824 015 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 77.2% 44 $0.387962 2.59% -9.07% $13 863 575 914 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000018 3.15% -17.87% $10 805 380 160 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 63 $27.38 5.67% -17.58% $10 769 164 252 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.8% 9 $0.116939 1.81% 0.09% $10 223 137 178 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90.4% 9 $0.116705 1.47% 0.05% $10 183 911 375 TRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.