There is no rest for the Solana (CCC:SOL-USD) network. The SOL coin continues to capture one of the greatest desires of the moment among crypto investors: scalability. With networks seeing more traffic with each passing day, the need for a place with guaranteed low fees is something users will flock to, and that’s exactly what’s happening here. Now, SOL continues to accrue value, and the network’s new market capitalization is pushing it shoulder-to-shoulder with industry giants. Solana price predictions are becoming a central point of interest now as well, considering the coin’s new all-time high.
Solana promises transaction fees under 1 cent, and it delivers. Transaction fees are a rather unpredictable thing on many networks, including the most actively used blockchain network, Ethereum (CCC:ETH-USD). When users can count on low transaction fees on Ethereum, they can always turn to Solana, whose impressive scalability allows transactions to process with negligible fees.
This fall, that’s exactly what’s driving users to the Solana network. With Ethereum gas prices rising over 2,300% since early summer, average transaction costs often exceed $40. Nobody wants to pay that just to swap their tokens. As such, the amount of active Solana users is trending upward as investors seek asylum from the massive costs.
The wave of new investors is helping to vastly grow the SOL coin since the summer. In mid-August, just as the coin began seriously taking off, the coin saw an average transaction volume of around half a billion dollars. As it stands today, transaction volume averages out at $5 billion. Indeed, the capital has also pushed SOL prices exceptionally high; in this same three-month period, SOL’s value has grown from just under $40 to its all-time high of $247, reached just hours ago.
Solana Price Predictions: Where is SOL Headed After a Momentous Fall?
The SOL coin seems to be holding all of its momentum. As InvestorPlace contributor and CFA Mark Hake says, the network is becoming more of a hot bed for trending industries, particularly non-fungible tokens (NFTs). This ability to keep with the changing desires of users is allowing it to stay gaining. But just how high is Solana destined to go? Let’s take a look at some Solana price predictions and see what analysts believe:
- CoinPriceForecast predicts SOL will grow massively in the closing months of 2021. The website is targeting a price of $412 for SOL in closing out the year.
- A similarly bullish Economy Forecast Agency is tacking a $433 target on SOL by the end of the year. By November of 2022, the site expects that value to massively boom, pushing the coin as high as $1,428.
- WalletInvestor is not quite as bullish, although it still expects an impressive price-doubling over the next 12 months. The website’s November 2022 prediction for SOL is $539.
- Gov Capital is posting a similar prediction, expecting a $503 price for the coin by November of next year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.