Solana (SOL) has been one of the best-performing assets since the last quarter of 2023 and so far this year. This positive streak has sparked several conversations about the altcoin’s bullish potential and its likelihood of significantly exceeding its current all-time high this cycle.
However, it seems that many crypto enthusiasts are still not convinced about the potential for Solana’s price to rise to modern all-time highs. According to a recent CoinGecko study, most investors are betting that the SOL token will only rise to $300 this cycle.
10% of Crypto Investors Expect SOL to Hit $1,000: CoinGecko
In its post-halving sentiment study, cryptocurrency data aggregator CoinGecko found that cryptocurrency enthusiasts are a bit cautious about Solana’s future price trajectory. The study, which also shed lithe on Bitcoin and Ethereum price predictions, involved over 2,500 anonymous participants.
According to CoinGecko’s findings, 24.9% of crypto participants expect Solana’s price to only rise to $300 in the current cycle. As shown in the chart below, this seems to be the most popular price prediction for the altcoin among the crypto community. A peak price of $300 would represent just 16% from the current all-time high of $259.
A chart showing Solana price prediction in the current cycle | Source: CoinGecko
In addition, the second most popular forecast was the $300–400 range, which was forecasted by about 14.7% of all survey participants. This was closely followed by two classes of forecasts, including $400–500 (12.6% of respondents) and $500–600 (12% of respondents).
Interestingly, around 10.6% of survey participants predicted that Solana price would exceed $1,000 in the current cycle. For the SOL token to reach this price target from its current price point, a rally of at least 900% would be needed.
Solana Price Overview
At the time of writing, Solana is trading at around $183, reflecting a significant 6.2% gain in the last 24 hours. This one-day performance puts bulls back in control after what has been a snail-paced week for the cryptocurrency.
What’s more, this 24-hour gain only highlights Solana’s impressive run over the past two weeks. Based on data from CoinGecko, the SOL token is up over 30% over the past 14 days.
📈 Solana made history today by surpassing Binance Coin to take the 4th spot in cryptocurrencies for the first time in over 4 years of trading. You might expect these two assets to be close, but SOL’s +35% gain vs. BNB’s +10% gain over the past 2 weeks gives SOL momentum. photo: twitter.com/Y9R3Wv5mv1
— Santiment (@santimentfeed) July 26, 2024
With this positive streak, Solana made history on Friday, July 26, when it briefly overtook the BNB token as the fourth-largest cryptocurrency by market capitalization, according to a recent report from Santiment. However, the altcoin has since returned to fifth place in the cryptocurrency market capitalization rankings.
The price of Solana faces rejection at $185 on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Getty, chart from TradingView
