Cryptocurrency Solana SOL/USD has soared in worth during the last week gaining over 20%, with positive factors outpacing each Bitcoin and Ethereum.
This is a take a look at how buyers may carry out in the event that they put money into Solana now and if the coin returns to all-time highs.
What Occurred: Solana been within the information so much just lately, particularly regarding the Jito JTO/USD airdrop that rewarded people who participated in a Solana-based liquid staking protocol.
Launched in 2020, Solana is a layer1 blockchain designed to assist facilitate sensible contracts and create new decentralized functions. The cryptocurrency is ready to course of a considerable amount of transactions per second and has a low transaction price.
Over time, Solana has gained curiosity and seen use instances due to its place within the worlds of non-fungible tokens and blockchain gaming.
Solana partnered with main monetary firm Visa Inc V to help with cross-border payments. Ecommerce firm Shopify SHOP additionally introduced the combination of Solana as a cost choice on the corporate’s buying platforms.
The rebound of Solana in 2023 comes after a tough 2022 that noticed the chapter of a number of cryptocurrency platforms. Solana was also highly volatile across the time of Sam Bankman-Fried‘s arrest and FTX‘s struggles, because the coin was the corporate’s former prime holding.
One crypto dealer on Twitter, the social media platform now often known as X, sees the price of Solana accelerating with a value goal of $360 by 2025.
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Investing $100 in Solana: Regardless of the current rise in Solana’s worth, there may very well be much more upside for buyers, because the coin remains to be buying and selling properly off from all-time highs set in November 2021.
Solana has traded between $8.14 and $73.97 during the last 52 weeks. The coin started buying and selling at round $170 in 2022, earlier than falling throughout the yr and ending the yr at round $10. In 2023, the coin has been one of many best-performing giant cryptocurrencies, up over 550% year-to-date.
A $100 funding in Solana may purchase 1.37 SOL cash on the time of writing, based mostly on a value of $73.21.
If Solana hits a brand new all-time excessive of $260.07, the $100 funding could be price $356.30. This represents a possible return of 256.3%.