Hooked Protocol price prediction: What is HOOK?

Hooked Protocol price prediction: What is HOOK?

We’ve heard of earn-to-play tokens but what does a learn-to-earn cryptocurrency exist?

Now it does!

The Hooked Protocol (Hook) is one of the first platforms to incorporate GameFi technologies with learning and cryptocurrencies by teaching new and experienced crypto investors about the world of Web3 through playing games.

Even though its native token, HOOK, was launched on 1 December 2022, the token is already making headlines with a surge of more than 40% on its second day of existence.

What does the Hooked Protocol price prediction suggest?

What is Hooked Protocol (HOOK)?

Hooked Protocol is the “on-ramp layer for massive Web3 adoption to form the future of community-owned economies”.

The application was created with the aim of helping everyone, whether they have had previous crypto experience or not, enter, own and earn a share of crypto through a gamified experience. In addition, the platform is providing crypto investors with a number of learning and earning tools, via gamified learning, that will help them enter and adapt to the world of Web3 through playing games.

Its most prominent game is Wild Cash, “the all-in-one Learn-to-Earn dApp [decentralised application]” that rewards users in GOLD tokens for their participation in “delicately tailored quiz challenges”.

According to the Hooked Protocol website, Wild Cash is the first and only Web3 application to dominate a Google Play ranking ever having achieved more than 2.5 million monthly active users, over 50,000 new users and 90% of user participation in three months after its launch (the DApp was launched in the third quarter of 2022).

The platform is targeting “billions of Web2 internet users who can be onboarded to Web3” through its learn-to-earn initiative in order to solve one of the biggest unresolved challenges of the crypto industry – the lack of new users.

“Potentials for intrinsically dynamic modern virtual economy after covid are recognized and scaled up, leading to upsurging demands for trusted cooperation and sustainable economic model in Web3,” Hooked Protocol said in its whitepaper.

The platform has a dual token system:

  • HOOK: its governance token that reflects the value of the Hooked protocol ecosystem
  • Hooked Gold Token (HGT): an in-ecosystem only utility token through which the community is incentivised.

Apart from governance, HOOK is also used to pay for gas fees in on-chain activities and staking incentives as holding rewards. In addition, by holding HOOK tokens, community members may gain access to exclusive events and grants to buy limited editions of in-platform non-fungible tokens (NFTs).

“HOOK will be put into innovation practices which overall benefit the ecosystem of both individual participants and businesses, ensuring considerable liquidity and token value will grow in direct proportion for the success of the whole community,” the coin’s whitepaper noted.

A bullish start in a bear market

HOOK launched on CoinMarketCap on 1 December 2022 and within a day had gained over 40%, up from $2.0626 to $2.9016, its all-time high. In general, HOOK has had a pretty bullish start, a significantly positive aspect in an overall bear market.

The bull run in the coin’s price, however, did not last long as it lost over 20% of its gains on 2 December 2022, dropping to around $2.30 as the platform warned investors on Twitter that all HOOK tokens for sale on PancakeSwap were fake.

HOOK to USD price chart, December 2022

HOOK to USD price chart, December 2022

Source: CoinMarketCap

By the following day, the cryptocurrency managed to regain some of its losses, rising 13.8% to $2.617, but soon fell back down to $2.15.

Between 3 and 4 December 2022, HOOK fluctuated between $2.10 and $2.30 before surging twice, first by 15.8% to $2.4904 from $2.15 and then by an additional 1% to $2.517, possibly hiked by the platform’s whitelist giveaway.

Since surging to $2.517 on 4 December 2022, HOOK’s value has been dipping, down by 9.8% to $2.27 as of 7 December 2022.

According to data published on CoinMarketCap, as of 7 December 2022 the total number of HOOK coins in circulation is capped at 500 million. The cryptocurrency does not have a maximum supply, meaning that an unlimited amount of tokens can be mined. HOOK’s circulating supply stands at 50 million.

Latest news driving HOOK

Perhaps, some of the biggest news, news driving HOOK in recent days is the token’s listings on major exchanges.

On 2 December 2022, PancakeSwap announced that “the HOOK fam is now live on” the platform, meaning the token was available for purchase on the crypto exchange.

In addition, the HOOK cryptocurrency has been highly driven by the completion of the Hooked Protocol subscription launchpad and its listing on Binance, one of the most popular crypto exchanges worldwide.

According to a press release published by Binance, over 114,000 investors committed more than 9 million BNB during the subscription period, showing high interest for the HOOK cryptocurrency.

In other news, on 5 December 2022 the Hooked Protocol platform announced the end of its very first Hooked Web3 Quiz Maker Contest, which saw the winner scoring $100 equivalent of HOOK, with the platform promising more “fun” to come soon.

In a blog post published on Medium on 5 December 2022, the Hooked Protocol noted that the platform is working on bettering its user acquisition methodology in order to further expand the platform on a more global level.

In addition, the Hooked Protocol will focus on user engagement by “adding more content and developing new features to keep users engaged”.

Finally, “on the user rewards and commitment side” the platform is planning to launch an incentive mechanism in the following weeks.

HOOK is also planning to launch a product roadmap and airdrop plan.

So, what is the overall sentiment on the future Hooked Protocol price prediction?

Hooked Protocol price prediction

According to data provided by BitNation, as of 7 December 2022 the Hooked Protocol Price prediction for 2023 sees the token surging to $6.29 and reaching $9.44 by 2025. The website’s long-term Hooked Protocol coin price prediction saw the coin rising to $15.52 by 2028 and $22.02 by 2030.

DigitalCoinPrice also supported the bullish Hooked Protocol crypto price prediction, seeing the token averaging $5.73 in 2023. The website’s Hooked Protocol price prediction for 2025 saw the coin surging past an average of $9 and exceeding $11 in 2027.

The website’s Hooked Protocol price prediction for 2030 saw the token passing an average $32.

Anndy Lian, chief digital advisor at the Mongolian Productivity Organisation and author of NFT: From Zero to Hero, told Capital.com that the recent HOOK price surge was due to the cryptocurrency’s listing on Binance:

“Based on past track records for Binance Launchpad projects, users highly value such projects. Hence hitting numbers like this are not uncommon.”

He also added that, at the time of launch, only 10% of the tokens were in circulation, which, according to Lian, is an easier amount of currencies to manage.

“I would like to see how Hooked Protocol fairs in the bear market and how ‘quiz-to-earn’ rewards can be sustained over a more extended period. A similar comparison with GMT would be fair too. I remember them jumping to $3.80, and then their price plummeted 90% shortly. If they can manage the rewards, continue to build on its community and use base. They could be a considerable force to reckon with.”

To conclude, Lian noted that in the long run, only time will tell on where the Hooked Protocol price prediction will head.

The Hooked Protocol whitepaper also shared an outlook on what could potentially affect the future HOOK price predictions noting that the coin’s “long-term value is tied with the confidence people hold for the project but as opposed to HGT, supply of HOOK is fixed and designed to be deflationary”.

Note that HOOK/USD predictions can be wrong and shouldn’t be used as a substitute for your own research. Always conduct your own due diligence looking at fundamental and technical analysis, a wide range of commentary and latest news. Remember that past performance does not guarantee future returns. And never trade money that you cannot afford to lose.

 

 

Source: https://capital.com/hooked-protocol-hook-price-prediction

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- “NFT: From Zero to Hero” and “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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Cardano (ADA) Price Prediction 2025-2030: What are the LAMBO chances on holding ADA?

Cardano (ADA) Price Prediction 2025-2030: What are the LAMBO chances on holding ADA?

In recent days, Cardano and other cryptocurrencies have performed strongly. The timing of this rebound coincided with the success of American markets. The explanation, according to analysts, was the United States’ dismal consumer confidence and housing data.

Cardano’s price has risen as a result of the Non-Fungible Token (NFT) market’s strong performance. According to statistics acquired by OpencNFT, the volume of NFTs has been trending significantly bullish over the past few months. As shown in the graph below, this week saw a surge in the daily volume of NFTs in the ecosystem.

After multiple delays, Cardano’s Vasil mainnet upgrade, which promised to raise the network’s capacity and enhance the scalability of the blockchain, was released on 22 September. The same was first announced via a tweet by the Cardano Foundation.

On 27 September, Vasil’s full capabilities became available. Additionally, the Plutus V2 cost model was enabled by the Cardano blockchain, resulting in lower transaction costs for smart contracts.

It is anticipated that these modifications would increase ADA’s value. As of press time, however, this hasn’t happened. This, is mostly because of the financial unpredictability around the world, according to Andy Lian, Chief Digital Advisor at the Mongolian Productivity Organization.

Interestingly, ADA has outperformed Bitcoin and Ethereum in terms of performance, having appreciated by 1100%. Cardano (ADA) is a relatively new coin. It is still a network with a lot of potential though. Due to its modifications, the money transfer system is expanding without any problems in 2022, despite the crypto world crisis.

Cardano’s ADA reached its peak in the bull market in 2021. ADA’s price rose to a value of above $3 in September 2021. The price was forced to take losses once more as a result. Before the significant bear market began, these losses occurred between September and November of 2021.

The past few months have seen enormous losses for Cardano. Starting in September 2021, ADA lost a lot of its value. Prior to the same, the price had greatly increased as a result of the creation of smart contracts on the Cardano blockchain at the time. As a result, ADA’s price was able to rise significantly to $3.

Long favoured by long-term investors, ADA has suffered during much of 2022 and is down more than 80% from the year’s beginning when it traded at $2.28.

Even though ADA, along with the majority of the other crypto markets, had a gloomy September, important updates and strong token fundamentals suggest that it may be poised for a breakthrough in October. Historically, this has been a typically positive month for cryptocurrencies.

However, considering that important technical indicators like the RSI and MACD continue to be below 50, suggesting a bearish trend, it seems difficult for Cardano to hit $1 in the upcoming four weeks. Popular analyst Peter Brandt even asserted that ADA could decline to less than $0.25 in the near future.

There has been buzz surrounding contemporary blockchains like Solana and Avalanche. These pose a direct threat to Cardano and can be distinguished by extremely fast transaction speeds. Owing to the same, one can argue that Cardano needs to look over its shoulder.

Despite losses in recent months, Cardano’s price prediction should be fairly optimistic. Cardano should eventually become one of the most technologically advanced blockchains on the market thanks to its long-term, scientifically directed development. In the near future, Cardano might outperform Ethereum and other blockchains in every respect. What is the outlook for Cardano going forward?

Given everything, purchasing ADA must ultimately be prudent, right? The majority of analysts have optimistic forecasts for ADA. Furthermore, the majority of long-term ADA price forecasts are confident.

The Cardano community specifically anticipates a potential increase in the token’s value, particularly following the Vasil hard fork. This line predicts that ADA will trade at $2.26 by August 31, 2022, according to NeuralProphet’s PyTorch-based price prediction algorithm that uses an open-source machine learning framework.

Cardano’s Charles Hoskinson was recently in the news too, with the exec taking a shot at his favorite target – BTC maximalists.

 

Bitcoin [BTC] maximalist Bryan (@btc_bryan_21) took to Twitter to claim that Hoskinson could alter the number of ADA tokens as a result of purported centralization. Cardano’s maximum supply is set at 45 million ADA tokens.

However, the Twitter user claimed that since blockchain’s monetary policy is relatively changeable, nothing would stop the crypto-tycoon from modifying it.

Hoskinson outright denied the credibility of these allegations. He further called the Twitter user “stupid”. This is not the first time the Cardano founder has commented on BTC maximalists. In July 2022, he stated that BTC maximalists are “toxic” and “useless” people to engage with.

The aforementioned statement was made in response to the MicroStrategy CEO’s claims that ADA is unregistered security.

Since all ADA tokens now exist in the possession of their rightful owners, Cardano has consistently resisted the idea of destroying them. Hoskinson claims that this would be equivalent to stealing from the neighbourhood.

Eight of the biggest cryptocurrency exchanges have modified their infrastructure, according to IOHK. Furthermore, the Cardano network’s development team is now prepared for the much-anticipated Vasil hard fork.

Furthermore, three of the top twelve exchanges for Cardano liquidity are ready for the upgrade. Several exchanges, including Gate.io, MEXC, Bitrue, OKx, Whitebit, BtcTurk, AscendEX, and Revuto, have improved their platforms.

Given everything, purchasing ADA must ultimately be prudent, right? The majority of analysts have optimistic forecasts for ADA. Furthermore, the majority of long-term ADA price forecasts are confident.

Why do these projections matter?

Cardano saw a substantial decline in 2022, falling from a high of $3.10 in September 2021 to a little over $0.47 in July 2022. However, only 75% of the total number of coins are now in use, thus there is still room for investors to amass coins.

Also, it seems like the conflict between Ethereum and Cardano may come down to an upgrade war. With the Goguen “Mary” update behind the latter and Vasil done too, it will be interesting to see what the impact of the same will be on the network and on ADA.

Over the past year, Cardano has established itself as one of the most active crypto-assets. As expected, it appears that cryptocurrency investors are optimistic as there has been an increase in the number of Cardano wallets. According to AdaStar, 121 new wallets have been created on average every hour since ADA’s record-breaking price run – A 98% hike.

Also, addresses holding between 10,000 and 10,000,000 ADAs have built on their accumulation tendencies, according to Santiment.

Since 27 July, these addresses have increased their portfolios by a total of 0.46% of ADA’s current supply. In just over 10 days, this amounts to an accumulation of ADA worth approximately $138 million.

3,105 Plutus-based smart contracts were implemented on the network, according to Cardano Blockchain Insights. Indeed, there has been an increase. In fact, in July, this number was 2,900. This demonstrates Cardano’s capability of enabling customers to create blockchain-related applications.

The bullish forecasts are in line with the generally bullish outlook on ADA that comes from network initiatives intended to make the asset more beneficial. The much-awaited Vasil hard fork is finally prepared for launch, according to Cardano’s Charles Hoskinson.

Supporters of the token are obsessed with price movement as it starts to recover, despite slight gains, ADA is yet to meaningfully react to the upgrade. The coin has, however, profited from the recent two-month surge in the wider cryptocurrency market.

In this article, we’ll quickly review the current activity of the cryptocurrency with a focus on market cap and volume. In conclusion, predictions from the most well-known analysts and platforms will be summarized together.

ADA’s price, volume, and everything in between

At press time, Cardano was trading at $0.40. Its market capitalization was  $13 billion and the price decreased by more than 2.73% on the 24-hour chart. In fact, it increased by 14.84% over the last 7 days.

The overall number of ADA wallets was estimated to be 3,577,849 on 28 September, according to Cardano Blockchain Insights. Cardano was also able to add over 500,000 new holdings in the last six months. Even the upgrade’s delay was unable to convince ADA fans to change their minds.

Source: TradingView

On the DeFi front, Cardano’s TVL on DeFiLama depreciated. The total amount locked was $56.52 million, at the time of writing. The same was down by over 7% in 24 hours.

The growth rate of FluidTokens, a DeFi lending platform that enables users to lend or borrow using CNFTs as collateral, was 54,000% over the previous month. However, the network did experience a considerable decline from its all-time high TVL of $326 million on 24 March.

By the end of the year, according to PLAYN creator Matt Lobel, ADA is likely to hike to $1.50. The management team’s quality-first philosophy, he claimed, will enable ADA “continue to develop and not encounter some of the quality challenges that other projects have,” although the rate at which it is expanding may be discouraging.

Martin Froehler, CEO of Morpher, concurs with this statement. He predicts that the value of ADA will reach $1 by the end of 2022 and states simply that “slow and steady wins the race.” The CEO and Xo-founder of Router Protocol, Ramani Ramachandran, is not as convinced about the future applications of ADA and believes the coin will only be worth $0.20 in 2022.

The estimate for September was set by the community at $0.5891. A curious prediction made by the algorithm was that by the end of September, ADA will trade at $1.77.

And, if these predictions seem too much to you, then you must know that there are reasons why the sentiments are so bullish. According to the same Finder research stated earlier, one in five (20%) panelists believes that the Cardano hard fork, which aims to further decentralize the network and boost throughput, will have a favorable long-term effect on the altcoin’s price. Another 17% believe it will at least have a favorable effect shortly.

Source: Finder

The real value of the blockchain will increase as it becomes faster and more effective, and ADA’s value should increase along with it. Cardano may once again reach $1, according to the Motley Fool’s analysts, making it a solid investment at the moment.

The most cautious Cardano price forecasts anticipate roughly linear growth for ADA over the next five years. According to the Cardano projection, ADA will conclude 2022 at $2.74.

There’s good reason for the optimism behind Vasil too. In fact, according to developers,

“Vasil is the most significant Cardano update to date, bringing increased network capacity and lower cost transactions.”

Let’s now look at what well-known platforms and analysts have to say about where they believe ADA will be in 2025 and 2030.

Cardano ADA Price Prediction 2025

Now, even though most predictions are positive, some reasons force us to believe otherwise. Even though the much-awaited update of the blockchain is expected to take the price high, what if the update does not reach its promises and becomes a failure?

According to Changelly, the minimum ADA price is predicted to fall to $1.87 in 2025, while its maximum price will be $2.19. The cost of trading will typically be $1.93.

Cardano is forecasted by Finder’s team of fintech experts to soar to $2.93 by 2025.

A cryptocurrency’s price typically reacts favorably to upgrades, as it did when Ethereum’s EIP-1559 was pushed and the asset’s value once again soared beyond the $ 3,000 mark. However, in the instance of Cardano, the asset’s value fell dramatically, by nearly 50% within one month of the launch of Alonzo.

However, even in a down market, Cardano strives to consistently improve its products. Investors should feel confident as a result because the project’s utility keeps growing. This distinguishes Cardano from several other “meme currencies.”

This seems to support a bullish Cardano prediction, which is why many analysts believe that ADA will be valuable in the long run. Building the utility now might serve as a launchpad for when the cryptocurrency markets heat up again, which would cause the price of ADA to soar dramatically that it would even top its all-time high.

And, you have reasons to believe that. Until 2026, the Cardano blockchain project hopes to sign up as many as 50 banks and 10 Fortune 500 businesses, according to Frederik Gregaard, CEO of the Cardano Foundation.

Gregaard also discussed how he hopes to make it possible for banking institutions to use Cardano’s utility token in a formal presentation.

Cardano ADA Price Prediction 2030

Experts frequently advise educating the public about cryptocurrencies before broad adoption takes place. And, the recent frenzy has probably done just that for many. As a result, many believe that ADA has a strong possibility of continuing to rise through 2030 and beyond.

It’s not “out of reach” for Cardano to surpass the “double-digit threshold,” according to Josh Enomoto, a former senior business analyst for Sony Electronics who has experience working with Fortune 500 businesses, who wrote about it in Nasdaq.com.

He first presented that argument in May 2021 and even forecast that the ADA price would reach $22 by the end of 2022 and perhaps $100 by the end of 2027. Both up and negative trends in altcoin prices are fairly powerful.

Finder’s panel has considered Cardano’s future, placing it in a good position. It believes ADA will hit $6.53 by 2030.

Furthermore, according to cryptocurrency exchange Kraken, the debut of the Minswap decentralized exchange (DEX) and growth in the SundaeSwap and MuesliSwap DEXs allowed Cardano’s total locked value (TVL) in decentralized finance (DeFi) apps to increase by more than 130% in March this year.

Eight years, though, are not without their ups and downs and rough patches. Inflation, recession, conflict, and the fear of an economic collapse are just a few of the hiccups.

Many in the cryptocurrency community are still optimistic about the chances of Cardano’s acceptance in the future.

In January, Ethereum’s Vitalik Buterin asked the community on Twitter which crypto, outside of ETH, they would prefer to see dominate transactions in 2035. ADA received 42% of the more than 600,000 votes, while Bitcoin received 38.4%.

 

Of course, investing in cryptocurrencies is risky because of their tremendous volatility. However, investing in Cardano may allow you to “set it and forget it” and watch your money increase, at least through 2030.

Conclusion

After a significant decline in 2022, analysts predict that ADA might eventually provide value and a strong return on investment. The volatility of cryptocurrencies, though, makes everything possible. Never put more money at risk than you can afford.

Remember, that within three months of its release, ADA surged to over $1 during the 2017 crypto bull run, which saw retail investor FOMO (fear of missing out) drive the price of Bitcoin to $20,000. The entire advance was subsequently totally retraced down to $0.02 during the 2018 bear market.

The amount of purchasers on the one-day chart has increased as a result of the altcoin’s demand showing significant appreciation.

To reduce the likelihood of price volatility, the Cardano price must continue to rise. However, it is emphasized that there is always a potential for a price decline following a surge.

The price of Cardano is currently 87% lower than the record high it reached in September 2021. For the altcoin, a rise above its immediate resistance point will open a clean route.

Fundamental analysis (FA), such as a growth in network addresses and TVL, which indicate the growing mainstream adoption of a crypto-project, should be of greater concern to long-term investors.

In addition, MuesliSwap, the first Cardano-based decentralized exchange, announced the successful integration of Plutus V2, making it more effective and less expensive to operate. Another upgrade to Cardano is expected to be issued shortly, according to a cryptic tweet earlier this week from the project’s founder Charles Hoskinson.

Moreover, network activity increased to 97,959 as a result of the rush to purchase Cardano NFTs, a 75% month-over-month rise. Despite the fact that interest in the project has decreased by about 90% from its peak in 2021, the founder, Charles Hoskinson, has portrayed an unconcerned picture. By the time dApps created on the blockchain create their own value, he said, “2023, 2024,” billions in venture money will enter the economy.

As crypto markets flourish, Cardano will follow. With an $18 billion market valuation, it will be very responsive to changes in price. The crypto market will probably expand as the world transitions to a decentralized future, which is good news for Cardano in the long run.

 

Source: https://ambcrypto.com/cardano-ada-price-prediction-5/

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- “NFT: From Zero to Hero” and “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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SOL /BTC prediction: Can Solana arrest year-long decline, return to growth?

SOL /BTC prediction: Can Solana arrest year-long decline, return to growth?

Solana’s SOL has been seeing a surge in investor interest as it continues to expand its network with more exciting projects coming up. Despite dipping by 87.8% since its all-time high in November 2021, experts are saying that a rebound is near while bitcoin (BTC) is down by around 70% since November 2021 gains.

How do the two coins trade against each other and what does the SOL to BTC forecast suggest amid a bear market? Let’s take a look at the SOL/BTC pair and some of the factors that may shape its exchange rate.

What is SOL/BTC?

SOL/BTC is the exchange rate between SOL, the native cryptocurrency of the Solana blockchain platform, and BTC, the native token of the Bitcoin Network.

Bitcoin was first mined in 2009 by its creator or group of creators who prefer to keep their identity a secret using the pseudonym Satoshi Nakamoto. It is also the first ever platform to use a blockchain to build, exchange, store and distribute the digital coin.

The cryptocurrency is used as a peer-to-peer payments method, and over the last 10 years it has also become an investment vehicle.

Bitcoin uses a Proof-of-Work (PoW) consensus mechanism. The cryptocurrency is given as a reward to miners who solve mathematical equations to prove the legitimacy of BTC transactions.

The maximum number of newly mined bitcoins is limited at 21 million. After every 210,000 mined BTC blocks (this takes around four years), the blockchain experiences a halving event, which cuts the number of BTC coins in circulation by half.

Solana is a public, open-source blockchain that hosts a number of projects in the likes of decentralised finance (DeFi) applications, non-fungible tokens (NFTs) and Web3.

It prides itself in its low transaction costs (at less than $0.01), fast speed (at 400 milliseconds per block) and security (it is censorship resistant). The blockchain was nicknamed the ‘Ethereum killer’, as it aims to improve what the Ethereum blockchain is lacking.

It was founded in 2017 by a former Qualcomm (QCOM) employee and Dropbox software engineer Anatoly Yakovenko and his colleague Greg Fitzgerald. In contrast to BTC, Solana uses a Proof of History (PoH) consensus mechanism for verifying transactions on the blockchain, which uses an alternative method for calculating time.

Some of the network’s key functions allow users to mint, sell and trade NFTs, create their own DeFi projects, write smart contracts, build Web3 games and accept payments in crypto form.

SOL coins are ERC-20 standard, meaning that they were developed on the Ethereum (ETH) network and are primarily used for interacting on the blockchain.

SOL to BTC price history

Since SOL’s launch in 2020, the SOL to BTC rate struggled to pick up momentum, moving sideways for around 10 months before starting to gain speed at the end of February 2021.

Between late February 2021 and mid-August 2021 the pairing fluctuated between values as low as 0.0001781BTC and as high as 0.001179BTC. The SOL to USD price chart followed a similar trend, fluctuating between $13 and $49.

SOL to BTC price chart, 2020 - 2022

Between 15 August 2021 and 9 September 2021, however, the SOL/BTC pair surged, rising by more than 385%, up from 0.0009374BTC to 0.004576BTC as Solana was being discovered by a number of celebrities, such as Mike Tyson and Jason Derulo. This was also the time when the SOL to BTC reached its all-time high, as seen on the price chart above.

Between 9 September 2021 and 20 October 2021 the SOL/BTC price lost nearly 50% of its gains, dropping to 0.002425BTC as the BTC price in US dollars started to see major gains, surging by around 39% within the period from $46,000 to $64,000.

BTC to USD price chart, 2013 - 2022

In line with other major cryptocurrencies, the SOL/BTC rate regained a big portion of its losses as it rose to 0.004202BTC by 7 November 2021, at the time when the SOL value in USD reached its all-time high of $258.78.

SOL to USD price chart, 2020 - 2022

Up until the start of January 2022, the SOL to BTC exchange rate was fluctuating between 0.004000BTC and 0.003000BTC before falling more than 60% to 0.001149BTC on 13 June 2022, amid overall broad negative investor sentiment.

In terms of technical analysis, the chief digital advisor at the Mongolian Productivity Organisation and author of NFT: From Zero to Hero, Anndy Lian, told Capital.com that the SOL price could be headed towards a trend reversal, as of 28 October.

“The Relative Strength Index (RSI) indicates that the token is in the overbought zone, signalling a reversal could be on the way,” he said.

The pairing’s current exchange rate (28 October) is 0.00151BTC, up by 31.4% since its 13 June 2022 dip.

What is driving SOL/BTC?

On 30 September 2022, the Solana Mainnet Beta cluster experienced an outage, which led to a temporary collapse in the blockchain. This saw the SOL to BTC exchange rate drop by 3.1% within a week, down to 0.001682BTC by 7 October 2022, from 0.001735BTC on the day of the outage.

Dr. Pooja Lekhi, professor of global financial institutions, risk management approach and financial management at University Canada West, told Capital.com:

“Solana has experienced several recent network outages and failures. In the beginning of June, validators in the network stopped processing new blocks for several hours and apps built on Solana’s blockchain were taken offline, which sent its price down more than 12%.”

Projects built on Solana have potential to affect the token’s future price. On 27 October, the Web3 platforms built on Solana Decentralised Engineering Corporation (DEC) and Teleport announced that they have raised funding to bring a Web3 Uber rival (TRIP) to the Solana blockchain, something Ethereum co-creator Vitalik Buterin theorised a while back.

Lian noted that bringing the ridesharing industry to the Solana ecosystem “would surely put SOL into a high utility mode”.

In addition, Solana had partnered with artist Nancy Baker Cahill. She launched her first NFT collection on the blockchain that was shown across 90 billboards on Times Square. Metaplex, an NFT ecosystem built on Solana, also announced it was bringing a new asset class that will allow “creators to enforce royalties at the protocol level by extending the Token Metadata program, which powers 99%+ of all NFTs on Solana.”

Dr. Lekhi noted that until Solana network’s upgrade, “stability will remain a major concern for the SOL, adding:

“It is expected that the Mainnet version will stop the power outage issue. The SOL market had set higher benchmarks for its prices, along with developments in decentralised exchanges, Solana NFT marketplace, Yield aggregators and online games.”

The date for the upgrade launch is yet to be announced.

The enthusiasm surrounding Solana also comes following the news about Saga, its flagship Android phone, which will start shipping in 2023, Lian noted. Solana announced that Saga will have its first mint event on 28 October, which will only be available to those who pre-ordered the phone.

SOL/BTC price prediction

Based on the analysis of past performance, as of 28 October, algorithm-based forecasting service Wallet Investor predicted that SOL/USD could fall to $2.947 in 2023. The platform did not provide a price prediction for 2027.

In terms of its BTC value forecast, the site saw BTC/USD trade at $23,107.27 in 2023 and reach $36,574.97 by 2027.

While Wallet Investor did not provide a direct SOL to BTC forecast, data suggested that the exchange rate could be 0.00012754BTC in 2023.

DigitalCoinPrice predicted that SOL/USD could rise to $36.55 by the end of 2022. The site’s data, as of 28 October, showed that the coin was expected to trade at $49.68 in 2023 and $80.94 in 2025. Its long-term prediction saw the coin reaching $169.10 in 2030.

The site also gave an upbeat BTC/USD forecast, as of 28 October, expecting the coin to grow to $25,646.42 by the end of 2022, reach $33,474.34 in 2023, $53,010.14 in 2025 and surpass $112,000 in 2030.

DigitalCoinPrice’s SOL to BTC forecast for 2022 expected the pair to reach 0.0014252BTC and 0.0014841BTC in 2023. The site’s SOL/BTC forecast for 2025 stood at 0.0015269BTC. Its long-term SOL/BTC forecast for 2030 was 0.0015098BTC.

Dr. Lekhi noted that 2022 was not a good year for SOL, however, the coin may observe a steady growth in the coming months as a rebound in SOL’s price is anticipated.

Lian added that interest in SOL is “extremely high” which could mean that its future movement could be “overall positive”, adding that “with the strong ecosystem backing its value, the rebound can be promising.”

Remember that analysts’ and algorithm-based predictions can be wrong and shouldn’t be used as a substitute for your own research.

Always conduct your own due diligence on a cryptocurrency project before trading, looking at the latest news, a wide range of analyst commentary and technical analysis. Note that past performance does not guarantee future returns. And never trade money you cannot afford to lose.

 

Source: https://capital.com/sol-btc-prediction-solana-bitcoin-exchange

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- “NFT: From Zero to Hero” and “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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