Solana Price Predictions Surge as SOL Hits New High, Briefly Snatches No. 5 Crypto Spot

Ethereum’s (CCC:ETH-USD) all-time highs have big implications for its own network as well as others. As prices reach new highs, fees continue to surge upward. Of course, many investors don’t want to pay the often astonishingly high gas fees to use the network. In turn, these frugal users migrate to networks offering higher scalability and lower fees. And with Ethereum’s transaction fees rapidly appreciating since the summer, networks like Solana (CCC:SOL-USD) are seeing the greatest benefit. Today, as Solana is flooded with investors seeking out alternative options, the coin is reaching many milestones. Investors are seeking out Solana price predictions as they wonder where SOL might go next.

Concept art of the Solana (SOL) blockchain.
Source: Shutterstock

If a company offers a really fantastic product, it can often get away with pricier fees; people can justify paying a little extra if the service is really that great. Ethereum is considered the cream of the crop when it comes to blockchain ecosystems, and so its users often don’t mind transaction fees weighing a little heavier. However, things have gotten a bit too drastic for some users’ tastes. Since June, transaction costs on Ethereum have increased by over 2,300%. An average transaction on the network costs a user over $50.

This isn’t justifiable for many, and so droves of investors are seeking out options for blockchains that prioritize scalability. If a network can scale to accommodate lots of transactions, it can keep its fees much lower than competitors. And as this trend heats up, Solana presents one of the best options for scalability. As buyers take notice, the coin is seeing lots of positive momentum.

Solana Price Predictions Heat Up as SOL Reaches New Highs

Compared to the $50 average Ethereum transaction, Solana’s average $0.00025 fee looks like nothing. The network sees thousands of transactions per second to boot. It lauds itself as one of the highest scaling networks in the world, and it proves that by processing over 2,000 transactions per second at fees of less than one penny. And as Ethereum’s prices go up, it’s helping Solana to become one of the fastest-growing networks in the world.

Since June, Ethereum’s fees have skyrocketed, and Solana has become more and more of a popular alternative. The network was the 17th largest crypto by market capitalization. This morning, it briefly passed the Cardano (CCC:ADA-USD) network to become the fifth largest in the world. It has since dropped back to sixth, but it remains only a few hundred-million dollars behind Cardano.

The value of the SOL coin continues to rapidly appreciate as well, thanks to increasing popularity. This morning’s new all-time high of $235 dwarfs SOL’s June price of $30. This high comes on another morning of impressively high trading volume of $5 billion, a 150% increase on the coin’s average volume. Let’s take a look at some Solana price predictions, in order to see where analysts think SOL is heading:

  • CoinPriceForecast thinks some impressive gains are ahead. The site says Solana is good for a leap up to $360 by the year’s close.
  • The Economy Forecast Agency says that by December, SOL will appreciate to $377. Its November 2022 price target for the coin is a whopping $1,163.
  • WalletInvestor’s 12-month prediction is not nearly as bullish, but it still calls for multi-hundred dollar gains. The site targets a price of $540 for SOL.
  • Gov Capital’s prediction is similarly bullish, forecasting a price of $474 for the coin by this time 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 Publishing Guidelines.

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