On Monday (November 8), as $SOL, the native token of high-performance blockchain Solana, trades above $240, having gone up nearly 16,000% so far in 2021, it is hard to guess how much higher it could go, but one popular feels confident that it is going to $900.
According to data by TradingView, on crypto exchange FTX, on Saturday (November 6), $SOL got as high as $259.6575 at 21:45 UTC, which is currently its all-time high (ATH) price. Currently (as of 11:40 UTC on November 8), $SOL is trading around $243.4400, down 3.41% in the past 24-hour period.
However, the fact that $SOL is slightly down today compared to its weekend price could be because $SOL has been rally hard in the run-up to this week’s hugely popular Solana Breakpoint conference in Lisbon, Portugal, and so this could be seen as a “buy the rumor, sell the news” scenario.
However, if we look at the year-to-date (YTD) period, then there are very few coins/tokens that have outperformed $SOL and its return-on-investment (ROI) of around +$16,000% vs USD.
In fact, on November 2, CryptoDiffer pointed out that only five other cryptoassets have done better in that period: $AXS, $OMI, $VRA, $FTM, and $BAKE.
So, with that in mind, the question that many $SOL HODLers and potential investors find themselves asking is just how high can $SOL, which is currently the fourth most valuable cryptoasset with a reported market cap of around $73.68, go?
Popular pseudonymous crypto analyst and influencer “Bluntz” reiterated on November 3 that he believes $SOL is going to $900.
On November 4, CryptoDiffer noted that in the past 30-days, the Solana blockchain has had the sixth highest average development activity on GitHub:
Earlier today (at 10:00 UTC on November 8), on day one of the three-day Solana Breakpoint conference, Solana Labs co-founders Anatoly Yakovenko (CEO) and Raj Gokal (COO) gave a talk titled “State of the Network“, and they definitely definitely presented some very interesting and impressive stats for the Solana network. As you can see in the slides below, they also talked about the $2 billion Solana ecosystem, the over $15 billion locked in Solana-powered DeFi projects, the support for the two most popular stablecoins (i.e. USDT and USDC), and the funding being pumped into the Solana ecosystem by venture capital firms such Paradigm Ventures and Lightspeed Venture Partners.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.