Solana price prediction: Where is the SOL coin headed?

Solana price prediction: Where is the SOL coin headed?

Dubbed the ‘Ethereum killer’, Solana’s native cryptocurrency, SOL, saw its price grow almost tenfold last year. However in recent months, the token has been struggling to pick up speed, losing nearly 70% of its value by mid-March 2022.

A recent spike in major outages faced by the blockchain threw many investors off, with SOL’s price falling to $107.24 by 20 April 2022.

On 12 April 2022, Solana was listed on Robinhood, with high hopes of attracting new investors. Can it regain past highs, and what’s in store for the Solana (SOL/USD) forecast?

What is Solana?

Unlike many other popular blockchains that operate using Proof-of-Work (PoW) or Proof-of-Stake (PoS) algorithms, Solana was the first to introduce a Proof-of-History (PoH) algorithm, which allows the blockchain to operate quickly while staying secure and decentralised.
Founded in 2017 by former Qualcomm employee and Dropbox software engineer Anatoly Yakovenko and his colleague Greg Fitzgerald, Solana’s main goal was to create an open-source project that implemented a new, high-performance permissionless blockchain.

Because of its PoH algorithm, Solana can process over 250,000 transactions a second , marking it as a competitor to Ethereum (ETH), the second highest cryptocurrency by market capitalisation, as of 20 April. Ethereum has become the leader in decentralised finance (DeFi) due to its compatibility with smart contracts, which enable the building of decentralised applications (dApps).

However, while Ethereum remains the second largest cryptocurrency, its popularity has also made the blockchain very expensive and slow to use, which allowed for the creation of Solana.

According to Solana’s official website, the platform is “the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more”.

In addition to being fast, Solana is also cheap – average fees are less than $0.1 – and censorship-resistant, allowing the application to remain open and run freely.

Solana allows users to:

  • Mint, sell and trade non-fungible tokens (NFTs) at high throughput and low prices. As of 20 April, over 5.7m NFTs have been created on the network.
  • Create their own DeFi projects and easily write smart contracts aided by the blockchain’s high transaction throughput, very low fees, low latency and great efficiency.
  • Build Web3 games, which will operate at lightning speed.
  • Accept payments in cryptocurrencies.

Solana’s ecosystem covers a number of lending protocols, DeFi projects, NFT marketplaces, Web3 Apps and decentralised exchange (DEX) projects. It also includes Phantom, a Solana wallet built for DeFi and NFTs, and Audius, a decentralised music sharing platform.

Solana is powered by its native cryptocurrency, SOL, an ERC-20 token running on the Ethereum network. SOL is used to pay for transaction fees and any purchases in the Solana ecosystem and staking.

The total supply of SOL tokens exceeds 511m, with over 333m tokens currently in circulation, according to data provided by CoinMarketCap at the time of writing (20 April).

The SOL cryptocurrency has a market capitalisation of more than $35bn and is the 7th most popular token, above Dogecoin (DOGE), Terra (LUNA) and Shiba Inu (SHIB).

Will SOL coin price go up or down? Technical outlook

Since SOL’s launch in 2020, the coin has struggled to pick up any momentum moving sideways for around 10 months before starting to gain speed by the end of February 2021.
Between late February 2021 and mid-July 2021, the token battled values that dropped as low as $13 and did not exceed $56.

However, when the token’s value finally started to rise at the beginning of August 2021, it did so very quickly, surging by 407.1% within a month, up from $37.67 on 8 August 2021 to $191.04 on 8 September 2021, a then record high.

Solana to USD chart, 2020 - 2022

The SOL cryptocurrency reached an all-time high on 6 November 2021, hitting $258.93 – a 35.5% surge on its September 2021 value. The bullish trend was in line with other cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC) and Binance (BNB).

Since then, however, the trend has reversed, with the SOL token price decreasing by 65%, down to $78.94 by 13 March 2022, amid broad negative market sentiment as tensions started to rise on the Russia-Ukraine border and the outbreak of the war.

A mini surge occurred in the following three weeks as the coin managed to win back 73.2% of its value, rising to $136.78, following the publication of Solana’s energy use report, which stated that the blockchain’s carbon footprint has greatly decreased since December 2021.

Solana to USD chart, January - April 2022

SOL token technical analysis provided by CoinCodex showed that short-term sentiment for the coin was pretty neutral at the time of writing (20 April), with 22 indicators pointing to ‘sell’ and 8 to ‘buy’.

relative strength index (RSI) reading of 27 was in oversold territory. A reading of 30 or below would indicate that the asset is becoming undervalued and a trend reversal is likely to occur. The token is trading above its five-and 10-day moving averages, yet close to its R1 resistance level of $110.82.

Is Solana (SOL) a good investment?

Some of the biggest SOL coin news came as the platform announced a change in the leadership of its Solana Foundation Council on 18 April 2022. The council was established in 2020 with the aim of advancing the adoption of decentralised technologies as a public good. It’s been helping the Solana ecosystem develop.
On 29 March 2022, Solana launched Solana Pay, a “build your own online store” application on its blockchain. It allows users to create a storefront and accept low-fee, global payments directly into their wallets without the need for a bank or credit card.

Since launching, over 600 merchants have engaged with Solana Pay while others started incorporating the ecosystem into their payment flows, thus encouraging space for new investors to join the blockchain.

What is your sentiment on ETH/USD?

On 1 April 2022, the platform also announced that the Solana Hacker House World Tour will be making a comeback in new cities globally, including London, Tokyo and Barcelona, sparking international interest.

Additionally on 12 April 2022, Solana was listed on Robinhood, which, according to BigONE Exchange chair in Asia, Anndy Lian, is likely to boost SOL coin’s future price.

“An equally impressive partnership which has supported the bullish price… is the 12 April news from popular app Robinhood that it was listing SOL for the first time,” he said.

Lian told Capital.com that in addition to the listing, the price of the SOL coin to USD has been driven by debate sparked by Tesla (TSLA) CEO Elon Musk’s bid to buy Twitter (TWTR).

“This announcement over the Web3 future of the social networking platform, prompted FTX crypto exchange CEO Sam Bankman-Fried to suggest Twitter could move on-chain using the low-cost, high-speed Solana blockchain.”

In the past, Solana has hinted at wanting to work with Musk, replying to his tweets on the social media platform.

In addition, Lian told Capital.com that FTX’s investment in its own NFT platform on Solana , as well as OpenSea’s beta version launch on the blockchain, could boost SOL coin’s future price.

“Set in the context of pressure on altcoins, the outlook for the token price could be modestly optimistic after a bearish beginning to 2022,” he told Capital.com.

“Recent partnerships news support this thesis, and it’s also supported by the ‘Social Solana Prices Estimates’ on CoinMarketCap; with over 5000 voting (median average) for a 17.75% increase in price to $121.49 by the end of April; and over 2000 voting for a $127.42 price level by the end of May.”

On the minus side, however, It’s important to note that the blockchain is prone to network outages. During March and April 2022, Solana suffered nine network outages, seven of which were determined as “major”.

“The two key risks are firstly, if the bottom falls out of the altcoin market due to a ‘black swan’ event such as a Russian default impacting the wider markets; and a specific risk being if Solana suffers another serious network outage which leaves not just users but partners looking to other layer 1 options for a low cost, high speed blockchain alternative to Ethereum,” Lian told Capital.com.

Solana prediction 2022-2025, 2030

Despite recent bearish SOL token price action, algorithm-based forecasting service Wallet Investor gave a bullish SOL coin price prediction at the time of writing (20 April).
The site noted that SOL is “an awesome investment”, adding that it has a long-term earning potential of 576.24%.

Based on its analysis of past price performance, the website expected that the token could trade at $226.371 in 2023 and jump to $726.904 by 2027.

DigitalCoinPrice supported the positive Solana (SOL) crypto price prediction, but projected a much slower pace of growth in the following years, predicting that the token could rise to $150.10 by the end of 2022, $207.89 by the end of 2024 and $230.34 by the end of 2025.

For the end of 2028, the site projected a $387.31 SOL price target. Its long-term SOL future price prediction suggested that the cryptocurrency could have the potential to reach $523.61 by 2030.

Note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/solana-sol-price-prediction-is-it-a-solid-investment

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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GALA coin price prediction: Where is the token headed in a bear market?

GALA coin price prediction: Where is the token headed in a bear market?

The GALA (GALA) cryptocurrency, responsible for the smooth running of the Gala Games ecosystem, saw a positive start to February 2022 as its value surged by 102.72% from $0.1875 on 2 February to $0.3801 six days later.

However, the GALA coin value dropped by the end of February to $0.2321 on the 27th of the month (a 38.93% decline) triggered by Russia’s invasion of Ukraine that led to an overall fall in the crypto market.

Following recent news of the platform launching Web3 Women, a community initiative by women for women in Web3, as well as positive endorsement from celebrities like Paris Hilton and Snoop Dogg, what does the long-term sentiment look like for the GALA price prediction in 2022, 2025 and 2030?

What is GALA coin?

Gala Games was founded in 2018 by Eric Schiermeyer (co-founder of game developer Zynga), Wright Thurston (crypto miner) and Michael McCarthy (creative director behind viral gaming like Farmville) with one goal in mind: to give power back to the gamers.

Through this initiative, Gala Games’ co-founders are targeting a wide niche of gamers who would like to change the gaming ecosystem.

The introduction of non-fungible tokens (NFTs) into the Gala Games ecosystem was the first step into making gaming more decentralised as well as helping players take control over the ownership of their game items. NFTs can be collected, traded and sold, not just within their own game but throughout the entirety of the Gala Games ecosystem.

In order to give power back to the gamers, Gala Games has established a blockchain network powered by the GALA tokens, which power the entirety of the platform. Built on the Ethereum network, GALA tokens are transferable between users who have full control over how to use them.

Users can also purchase nodes in GALA, ether (ETH) and Basic Attention Token (BAT) and acquire voting rights on which games will be published next on the platform, allowing players to exercise full governance. This process is also known as the Founder’s Nodes within the Gala Games Ecosystem, which is powered by over 16,000 player-run nodes.

GALA cryptocurrency can also be used as a reward to owners and is distributed daily to Founder’s Nodes that have operated for at least a required time using a point system. Running a node for six hours within a cycle will earn players one point. In order for the network to run smoothly, 50,000 Founder’s Nodes were released upon its launch.

In the long run, Gala Games is planning to establish multiple game studios that will each work on multiple games, creating a steady stream of NFTs, which will get dropped to the node network in order to incentivise the network and keep it stable.

So far, the platform has released one playable game – Town Star  – and an NFT collectible series – VOX.

No data is available on the maximum supply of GALA tokens; however, total supply exceeds 35 billion, with nearly seven billion in circulation. The token reached over $1.5bn in market capitalisation and is ranked as the 60th largest cryptocurrency by CoinMarketCap as of 18 March 2022.

GALA cryptocurrency did not have an initial coin offering (ICO) upon its launch.

Since its launch, the platform has acquired 1.3 million monthly active users and sold more than 26,000 NFTs, with the most expensive so far selling for $3m.

“I wouldn’t be doing this if I didn’t think this was literally the next phase of the internet. Everything that touches ownership is going to be affected by what’s happening here,” said GALA’s founder Eric Schiermeyer.

“Art and music and everything that has a digital life is going to be touched by this. Anything that you thought was digital that you thought you owned but didn’t really own — that’s what’s about to be revolutionised,” he added.

Key drivers of the GALA crypto price

The Gala Games token started to gain traction in September 2021 after being listed on Binance as well as Bibox crypto exchange platforms in the middle of the month as its price surged by 51594.13% to $0.1129 on 23 September 2021 from its previous all time low of $0.0002184 on 28 December 2020.

Following updates to Gala Games inventory, which made transferring items from within the platform’s ecosystem to Ethereum much easier, as well as the signing of a memorandum of understanding between Gala Games and Wemade Tree (the blockchain subsidiary of Korea-based gaming giant Wemade), the GALA crypto price moved sideways throughout October and mid-November.

Gala to USD price chart, 2020 - 2022

News published on 15 November that the company would be releasing its very first limited supply of Game Node licences for Town Star boosted the GALA token by 192.11%, up from $0.1268 on 15 November 2021 to $0.3704 a week later.

The token’s price managed to keep a steady growth pace and by 28 November 2021 surged to $0.7121, its all-time high, following the announcement of the release of a new series of its VOX NFTs.

Success, however, did not last long for the GALA cryptocurrency despite a general hype surrounding play-to-earn platforms, which in November surpassed a $1bn record in NFT trading volume, according to data published by DappRadar.

Between its all time high at the end of November and 3 December, the token’s value dropped by 28.88% to $0.5064.

The Gala Games coin continued on a downward trend in the following month until it reached $0.1813 on 22 January 2022 despite securing a $100m blockchain gaming fund in partnership with C² Ventures and preparing for the launch of Phase 2 of the nodes ecosystem at the start of January.

What is your sentiment on GALA/USD?

The token then moved sideways for a little over a week before jumping by 109.65% to $0.3801 on 8 February from its 22 January value, as anticipation built around the upcoming release of 8,888 membership NFTs in the Flare realm where Gala Games had integrated with the Flare Network.

In more recent GALA coin news, the platform announced that it had partnered with popular American rapper Snoop Dogg and would be releasing his latest record, B.O.D.R, on the blockchain and that the tracks would be sold as NFTs.

By 15 February, the token’s value started to rapidly decline once again, falling by 36.84% in one week from $0.3547 on 15 February to $0.224, following Russia’s invasion of Ukraine that triggered overall negative market sentiment.

“The surge in GALA token is mainly due to the interest in metaverse and gaming tokens worldwide,” BigONE Exchange chair in Asia, Anndy Lian, told Capital.com.

“Its founders have done well in gaming and crypto mining. This becomes an added advantage. The token itself is based on Ethereum and is well supported by the community of faithful investors. Adding steam to the whole equation is that they are listed on most of the leading exchanges including Binance, FTX, Coinbase, Bybit, Huobi and Kucoin.”

What’s next for the Gala Games crypto?

Since 15 February 2022, the GALA crypto price has been moving sideways despite having been endorsed by the likes of Snoop Dogg and Paris Hilton. As of 18 March 2022, the token is trading at $0.222.

The platform has lined up a number of exciting partnerships including Frank Miller, Under Armour and AMC’s hit show The Walking Dead. Upcoming projects include the release of more games such as Last Expedition #, legacy and The Walking Dead: Empire, which will drive a new range of users to the Gala Games ecosystem.

It is also planning to expand its sustainable initiatives.

Between 6 and 8 June 6 2022, the platform will be in Copenhagen, Denmark, where it will host Galaverse, an immersive world experience for each one of its games.

Because the GALA token was built on the Ethereum network, it heavily relies on the ETH performance, making it quite volatile. Moreover, the token could start facing competition as tensions rise in the gaming/NFT space amid their growing popularity, Invezz’s data analyst, Dan Ashmore told Capital.com.

However, he noted that brighter times for the GALA coin value could be looking up ahead.

“GALA, the community-led gaming platform, spiked 20% in 24 hours at the start of February following the news that Galaverse will occur in June. At the last event last December, numerous projects were launched (including Legacy & The Walking Dead: Empires), and there is speculation more will be announced this June,” he told Capital.com.

“20% represents a huge jump for merely an event, and markets have pulled the token back below levels even before the announcement. GALA earlier announced a $5bn investment to expand their NFTs, and if that or the Galaverse don’t work out, this token could continue to tumble… If, however, projects remain on track and Galaverse does not disappoint, GALA could rise above a $3.5bn market cap. The all-time highs of $5bn set last November seem a reach.”

GALA coin price prediction: Will this be a good few years?

Algorithm-based forecasting service WalletInvestor gave a positive GALA prediction at the time of writing (18 March), calling it an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the site predicted that the GALA cryptocurrency could trade at $0.559 by 2023 and reach $1.918 by 2026.

DigitalCoinPrice supported the bullish GALA crypto price prediction but at a much slower pace, seeing the coin reach $0.31 by the end of 2022 and $0.46by December 2025.

The site did not see a GALA price prediction surpassing its all-time high any time soon as its long-term GALA coin forecast showed the cryptocurrency reaching $0.64 by the end of 2027 and $1.19 by 2030.

Note that these predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing, and never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/gala-coin-price-prediction-is-it-a-good-investment

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j