Solana, 2024 forecast. Where will the price of the altcoin of the moment reach?

What are the 2024 forecasts for Solana? After the 2023 rally, expectations on Solana – the altcoin of the moment – are very high.
While past performance is no guarantee of future performance, there certainly appears to be room for optimism when looking at the cryptocurrency market, Solana in particular.
In the last quarter of last year Solana was the protagonist of an extraordinary rally, which led it to close 2023 with an increase of almost 1,000%.
A momentum that has brought the crypto to fifth position in the ranking of cryptocurrencies with the highest market capitalization.
The difficult thing is to understand whether this surge was driven by a huge speculative frenzy or whether this rally was fueled by strong underlying fundamentals.
After all, at the beginning of 2023 Solana was practically left for dead.
The cryptocurrency had lost more than 90% of its value and the threat of an impact from the FTX crisis made it less than desirable in the eyes of investors.
What has changed and what are the predictions for Solana for 2024? Solana: 2024 forecasts To date, most investors seem to be convinced that Solana has definitively turned a corner in the last 12 months.
Many key metrics used to evaluate the success and functioning of a blockchain have proven strong in 2023.
Towards the end of the year, Solana surpassed – even – rival Ethereum on some key aspects, such as non-token sales volumes fungibles (NFTs) and trading volume on decentralized exchanges (DEXs).
read also What are Altcoins? This is the main reason to be optimistic about Solana: because it has emerged as a serious competitor to Ethereum.
As Ark Invest's Cathie Wood pointed out on CNBC, Solana is basically a faster, cheaper version of Ethereum.
As such, it has a chance to become the number one blockchain platform in the world.
As more users and developers migrate to Solana, we should see strong cryptocurrency growth, not only in price but also across NFT and decentralized finance (DeFi) ecosystems.
To understand what's next, let's take a look at the current market capitalization of Solana and Ethereum (updated January 5, 2024, 4:30 pm).
The aggregate value of tokens available on the market is 42.7 billion dollars for Solana and 268.5 billion for ETH.
This gives us an idea of how much Solana can rise in the coming years.
A capitalization of Solana like the current one of Ethereum would result in a price of just under $600 per SOL.
But there are some analysts who are convinced that Solana's share price could rise well above these levels.
The investment firm VanEck, to give just one example, predicts that Solana will rise to $3,200 by 2030.
Solana: What to watch out for in 2024 Although the 2024 forecast for Solana seems decidedly bullish right now – as per the forecast 2024 of Bitcoin – it should be kept in mind that the cryptocurrency market is highly volatile.
Furthermore, regulatory risk continues to be a highly impacting factor.
If regulators decide not to approve a spot Bitcoin ETF, for example, the price of BTC could fall, impacting the entire sector downwards.
read also Bitcoin ETF: when will the SEC approve it? The date That said, Solana's long-term growth prospects appear stable to date.
If you are looking for new assets to include in your portfolio in 2024, this crypto should at least be carefully evaluated.