Solana (CCC:SOL-USD) is gaining today for a number of reasons. From its new all-time high instilling excitement in investors, to a $100 million investment in the crypto, there is a lot to be bullish on. Read on to see just how bullish analysts are on the innovative play with their Solana (SOL) price predictions.
Solana is one of the largest cryptos in terms of market capitalization, worth nearly $12 billion. This can be attributed to Solana’s creative blockchain proof that allows it to operate more quickly than Bitcoin (CCC:BTC-USD). Using the proof of history consensus, the Solana blockchain uses a verifiable delay function to attach a unique hash to each transaction on the blockchain.
The hashes operate like a timestamp for each transaction. The result is a proof consensus where transaction times do not need to be verified by nodes. This is because the encoded hashes are already verified. This proof greatly increases scalability. In turn, this makes it a very appealing option for DApp development, the main purpose of Solana’s blockchain.
Solana recently reached its all-time high of $49.90, a price it is currently chasing down and hoping to surpass. Now, with a $100 million investment in SOL by five strategic investment funds, it might be an easy goal to attain. Three of Huobi’s investment funds, Gate Labs and NGC Ventures have each contributed $20 million to develop Solana in China.
The investment will be used to build infrastructure-centric products for the blockchain player.
Solana (SOL) Price Predictions Pick Up After Investment
So, where are analysts ballparking their Solana (SOL) price predictions in the wake of the all-time high and the cash injection? Let’s take a look:
- The Economy Forecast Agency thinks SOL can rocket this year, pricing the coin at $163.14 to close out 2021.
- Coin Price Forecast is more bullish, predicting a price of $223.34 by the end of the year.
- InvestingCube, without putting a number on it, predicted that Solana will have a higher breakout.
- DigitalCoinPrice thinks SOL will finish out the year with slight gains, pricing it at $64.05.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.