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Tuesday, February 27, 2024

Top Solana (SOL) Price Predictions: What to Look For in the Coming Months?

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TL;DR

  • Solana (SOL) has seen a recent surge, trading above $60 with significant gains in the last month, nearing its yearly high.
  • Analysts predict a bright future for SOL, with targets ranging from $63 in the short term to as high as $1,000, as suggested by Crypto King and Jacob Canfield.
  • There’s speculation about SOL potentially surpassing Ripple (XRP) in market capitalization, with factors like community sentiment and regulatory developments influencing this possibility.

How High Can SOL Spike?

Solana’s native token – SOL – is once again among the top performers in the cryptocurrency market, with its price recently surging above $60 (per CoinGecko’s data). The coin’s valuation has jumped 9% in the past 24 hours and 75% in the last 30 days.

Despite still being slightly below its yearly high of approximately $67 (reached in mid-November), some analysts have forecasted that the asset is on the verge of climbing fresh peaks. One individual who shares that thesis is the X (Twitter) user Crypto King.

Expecting the token to rise to $63 in the short term, the analyst also thinks the asset is poised for a surge toward a new all-time high of as high as $300 in the long run.

The crypto trader Jacob Canfield has also previously outlined an optimistic future for SOL, envisioning its price to explode to a whopping $1,000. He also counseled people to diversify and invest in both Ethereum and Solana:

“No reason not to have allocations to both. It’s like trying to bet on Microsoft or Google. Tesla or Ford. Just buy both.”

Can SOL Flip XRP?

Solana (SOL) is currently the sixth-largest cryptocurrency by market capitalization, while Ripple (XRP) is in the fifth spot. The rapid price increase of the former might have prompted some crypto participants to speculate whether it could surpass its rival next year.

According to ChatGPT, such a flippening is not entirely out of the cards and depends on multiple crucial factors such as the overall sentiment across the community, investor sentiment, partnerships, and others.

The AI-powered language model estimated that potential regulatory developments could also play a major role. For example, Ripple’s possible decisive win against the US Securities and Exchange Commission (SEC) might fuel a price rally for XRP, decreasing SOL’s chances to step into the fifth position.

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