Solana: Amidst ecosystem growth, can SOL hit $3000?

• Solana’s increasing ecosystem prompt good occasions forward for SOL bulls.
• As per a report by an asset administration agency, SOL might attain a price ticket of $3000.

It’s no secret that the Solana [SOL] community has just lately been receiving extra consideration. This isn’t by likelihood, however somewhat attributable to the truth that the community has been aggressively constructing in preparation for the following main rally.

How a lot are 1,10,100 SOLs price immediately?

Solana has thus been experiencing wholesome development due to the concentrate on developments. It additionally owes that development to the rising variety of protocols which have constituted its ballooning ecosystem.

A latest Messari publish supplied a glimpse on the key areas which were fueling Solana’s development. Shopper apps, liquid staking tokens, derivatives, and lending tokens are amongst them.

What has been driving development for @solana?

Promising traits and protocols embody:
+ Liquid staking tokens
+ Lending
+ Derivatives
+ Shopper apps
+ and extra pic.twitter.com/e5pB9BsLes

— Messari (@MessariCrypto) October 28, 2023

The aforementioned areas help the probability that Solana will expertise sturdy development transferring ahead. That development might trickle down into optimistic value efficiency for its native cryptocurrency, SOL.

Additionally, the extra tasks inside the ecosystem, the upper the extent of Improvement Exercise.

Supply: Santiment

However simply how a lot of an influence will it have in the long run? A latest report by an asset administration agency known as VanEck prompt that SOL’s value might rally above $3000.

Is $3000+ an inexpensive value goal for SOL?

A $3,000 price ticket means Solana must obtain a $1.25 trillion market cap. Bitcoin [BTC] peaked at $1.22 trillion on the peak of the earlier bull run, therefore it isn’t an unattainable feat.

Nevertheless, it’s price contemplating that Solana doesn’t have the identical first mover benefit as Bitcoin. Additionally, the Solana community doesn’t have a serious promoting level that would gas its market cap to such superior heights.

The market cap that Solana requires to soar above $3,000 is sort of a protracted journey from its present degree. The community had a $13.49 billion market cap on the time of writing.

Supply: Santiment

It could in all probability be simpler for Solana to succeed in such a excessive market cap with out competitors. Nevertheless, the fact is completely different, because it had a number of blockchain networks competing in the identical markets on the time of writing.

Reasonable or not, right here’s SOL’s market cap in BTC’s phrases

Nonetheless, latest information revealed that the Solana community and different high layer 1s have been receiving extra consideration now than their Layer 2 counterparts.

As L1s like $SOL begin to take the middle stage as soon as once more, L2 exercise has began to see weak point over the previous month.

Scaling issue is now 4.7x, ranges not seen since August of 2023.

Ecosystems like Arbitrum and Optimism are holding up higher because of the sturdy communities. pic.twitter.com/hGzBAG2pZv

— Emperor Osmo (@Flowslikeosmo) October 29, 2023

Though L1s have been having fun with extra exercise, it’s price noting that Solana nonetheless has to content material with the competitors. This implies the long run objective of a $3,000 price ticket for SOL shouldn’t be inside the realm of attainability any time quickly.