The value of SOL, the native token of Solana, has significantly increased; it is currently trading over $60 and is getting close to its yearly high. In the last 24 hours, the coin’s value has climbed by 9%, and over the last 30 days, it has gained by 75%. SOL has long-term aims of $1,000 and short-term targets of $63 that some analysts believe are about to be achieved.
Jacob Canfield and Crypto King are two analysts that believe that SOL will do well. According to Crypto King, the token will eventually reach $300 in addition to a short-term peak of $63 in value. Crypto trader Canfield believes that SOL will reach $1,000 in value and suggests that investors buy both Ethereum and Solana. He suggests that investors should just purchase both, drawing comparisons between the position and placing bets on Google or Microsoft, Tesla or Ford.
According to market capitalization, Solana is now ranked sixth among cryptocurrencies, with Ripple (XRP) in fifth place. Some cryptocurrency enthusiasts are speculating that SOL’s price surge may overtake XRP in market capitalization next year. Such a flippening, according to ChatGPT, is dependent on a number of important variables, including partnerships, investor sentiment, community sentiment generally, and prospective legislative developments. For instance, XRP’s price might rise if Ripple defeated the US Securities and Exchange Commission (SEC) handily, which would lessen SOL’s chances of moving up to the fifth spot.