Solana (CCC:SOL-USD) is on the up and up lately after JPMorgan (NYSE:JPM) shared some kind words for the cryptocurrency. JPM stated that SOL has eaten away at crypto mainstay Ethereum’s (CCC:ETH-USD) market share and will continue to do so. The reason? Solana is well-positioned to capture the ongoing non-fungible token (NFT) boom as it continues to make waves. As one might expect, Solana price predictions are hot on the promising forecast.
What do you need to know about the Solana NFT campaign?
Since the start of 2021, Ethereum’s NFT market share has dropped from 95% to roughly 80% at present. Solana has proven a major factor behind the drop. As the JPM analysts noted, Solana has captured the most NFT volume share since August. This is roughly in line with the start of the NFT takeoff.
The bank warns that Ethereum could continue losing ground in 2022 if it doesn’t get ahead of the fast-growing NFT phenomenon. Notably, the analysts point out that Solana is a particularly attractive option to NFT developers due to its lower transaction costs.
Despite the ominous news for Ethereum, it seems Solana fans are mildly pleased by the news. The SOL crypto is up this morning as the new sentiment swirls around the coin.
With Solana currently sitting at $137.94 per coin, let’s see where the experts think the crypto is heading.
Solana Price Predictions
- Crowd Wisdom argues that Solana’s strong ecosystem and low gas fees make it a strong contender for future gains. As such, the site predicts the coin may go as high as $292 to close the year, more than double its current price.
- Wallet Investor is even more bullish on the SOL crypto. It has a one-year forecast of $419.44 per coin and a five-year price target of $1,516.10. This would equate to roughly 1,000% growth by 2027.
- Coin Price Forecast is also bullish on Solano. It predicts the crypto will hit $300 by year-end, and $500 to close out 2023. In the longer term, they foresee SOL hitting $1,000 per coin.
On the date of publication, Shrey Dua did not hold (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.