With Bitcoin (CCC:BTC-USD) down 14% the past week, altcoins are feeling the effects as well. Popular cryptocurrency Solana (CCC:SOL-USD) is no exception, and the SOL crypto has lost more than 30% in the past week. After the decline, Solana now carries a market capitalization of $29 billion. In addition, Solana’s market cap makes it the eighth-largest cryptocurrency, trailing behind Cardano (CCC:ADA-USD) by roughly $6 billion. So, where is SOL headed next? Let’s take a look at some Solana price predictions.
Solana has picked up negative feedback from Solana network users the past few days. Many of Solana’s traders and validators have launched complaints because they were unable to execute transactions on Solana’s blockchain. According to Solana, the error was caused by “excessive duplicate transactions.”
The Solana team addressed the error by releasing update 1.8.14, which will “attempt to mitigate the worst effects of this issue” and improve the state of the Solana network. The official Solana website added that “With the adoption of 1.8.14 the incident has been resolved.”
With the recent price decline and transaction issues in mind, investors are wondering how the SOL crypto will fare the rest of the year. Let’s take a look at Solana price predictions for 2022.
Solana Price Predictions: What’s Next for SOL?
- Wallet Investor has a 2022 price prediction of $312.99. Impressively, this would imply an upside of 227% from current prices. Wallet Investor’s sentiment visual indicates that sentiment surrounding the SOL crypto has been extremely bearish for the past 30 days. The website adds that major resistance levels lie at $104.74, $109.87 and $115.44.
- CryptoNewsZ has a 2022 price prediction of $250. This price prediction implies an upside of 161% from current prices. CryptoNewsZ adds that Solana should be able to reach $250 as long as it continues to form partnerships with other companies and receive liquidity from the Solana community.
- Digital Coin has a 2022 price prediction of $130.87. Unlike Wallet Investor, Digital Coin’s prediction seems a bit more probable. Furthermore, the price prediction represents an upside of 37%. Digital Coin’s prediction uses a proprietary algorithm that factors in historical data. Additionally, the website’s price prediction visual is currently flashing a “sell” signal.
- PricePrediction has a 2022 price prediction of $127.90. PricePrediction mentions that in the best case scenario, prices could rise to as high as $150.67. In the worst case scenario, the SOL crypto could finish 2022 at $123.46, which still represents an upside of 29% from current prices.
On the date of publication, Eddie Pan 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.