SOL coin price prediction 2030: Bigger than ETH and BTC?

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High speeds, low fees and a bullish native currency: Is Solana an ‘Ethereum-killer’?

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Solana (SOL) was on a bullish run throughout 2021, with its native currency surging in value from below $5 to above the $200 mark. However, at the time of writing, the token is trading below the $30 mark but remains one of the top ten cryptocurrencies by market cap.  After demonstrating its worth as a blockchain and cryptocurrency, it has been dubbed an “Ethereum-killer”, and many believe SOL can compete with the top two.

Having only launched in 2020, one of the problems facing Solana is its newcomer status: Bitcoin was first introduced to the public in 2009. While many think it is the underdog that can rise to fame, the blockchain has some serious proving of itself to do. Bitcoin has been trusted as the go-to decentralised transactional cryptocurrency for almost a decade now. Meanwhile, Ethereum has proved itself worthy as a platform for app and smart contract creation.

It is too early to tell whether Solana’s community can flourish, or whether the current market conditions will spell more trouble for the struggling crypto markets. However, there are still some extremely bullish long-term forecasts for the SOL coin price predictions in 2030.

Technology vs money blockchains

There is a shift happening in the cryptocurrency sphere, which has been growing since Ethereum’s inception. This industry-wide change could put Solana in a position to threaten bitcoin.

Bitcoin was created in 2009 to provide a solution for those wanting to make a financial transaction without a middleman. By transferring BTC, users can send money without a payment processor such as Visa or a bank handling the money. Essentially, bitcoin is a transactional cryptocurrency that is designed to be used like fiat money.

Ethereum launched six years later in 2015, and used the blockchain technology pioneered by Bitcoin, but for different purposes. It was created to be like a supercomputer that could handle app creation and algorithms.

This concept has since blossomed into a fully-fledged market that is being used for multiple different functions. The technology is powering the non-fungible tokens (NFTs) industry, where platforms are being developed for users to sell unique items. Other developers are designing decentralised finance (DeFi) solutions, which allow users to take out loans without going through a bank.

Solana was designed to rival Ethereum’s platform and is being used for many of the same functions. At the time of writing, there are 1,569 active projects on Solana, ranging from crypto games to NFT platforms to meme tokens.

Although Solana is similar to Ethereum, VJ Anjelo, chief executive of Inspira Digital Wealth Club, argues that it is something of a stretch to compare it with Bitcoin. He said: “As a competitor to BTC, SOL is a very different proposition. As a blockchain protocol, its valuation will be assessed differently, especially in light of the competitors entering the space.”

But other experts think blockchains with a technology focus will topple Bitcoin. Kyle Samani, founder of the investment firm Multicoin Capital, expects Bitcoin to be flipped soon because of the number of technology blockchains entering the space.

He told Be In Crypto: “Once BTC is flipped, it’s pretty much game over for BTC. A large part of the value prop of BTC is that it’s the largest and most liquid. Once those stop being true, it has even less to offer.”

Samani argues that investors are looking for productive assets, which Solana offers through its many applications. Yet bitcoin has stood the test of time, and it will be difficult for SOL to topple a cryptocurrency that currently has more than six times its market capitalisation.

Even if Samani is right, Solana will still have Ethereum to compete with. Can the newcomer live up to its name as an “Ethereum-killer”?

Is SOL an Ethereum-killer?

On paper, Solana has what it takes to pass Ethereum. Its blockchain has faster transaction speeds and dramatically lower fees. Ethereum can handle approximately 13 transactions per second, with gas fees ranging from $20 to $100 per transaction. Solana can manage up to 50,000 TPS, with fees as low as $0.00025.

This is mainly because of the consensus mechanism. Ethereum uses proof-of-work, which requires computers to solve complex puzzles for a new block to be created. Solana’s process, proof-of-stake, is not as time-consuming, as it just requires a user to validate a block determined by the number of coins they are holding.

Ethereum is switching to a proof-of-stake mechanism this year and claims it will be able to handle up to 100,000 TPS.

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The main barrier stopping Solana replacing Ethereum is that its rival has “first-mover advantage”. Simply put, Ethereum was there first, which has given it a larger user base. Many experts argue that Solana’s advantages are not enough for developers to migrate en masse, especially with the Ethereum 2.0 upgrade.

Nigel Frith, an equities trader at AskTraders, points to Ethereum’s domination of the NFT market. “Most NFTs are traded on Ethereum’s blockchain, making use of its smart contract functionality that gives NFT traders control over how their digital assets can be bought and sold,” he said.

“The NFT market is growing day by day, reaching $1.8bn in sales so far in 2021. The increased media attention generated by sales of high-profile NFTs can only aid the growth of Ethereum.”

The ERC-721 token was created in 2018 and has become an industry standard for NFTs. CryptoKitties, one of the first crypto games, leverages this token, as do Decentraland and many other projects.

Ethereum has also designed a standard token for creating digital currencies. Many cryptocurrencies utilise the ERC-20 token, including Enjin, Civic, DigiByte and Coti, just to name a few.

Solana is a relative newbie and is not an industry standard just yet. The consensus from experts, including Frith and Anjelo, is that Solana has what it takes to flourish as an Ethereum alternative, but it will struggle to pass its rival.

David Morrison, a senior market analyst at Trade Nation, said: “Solana is having a strong go at stealing Ethereum’s lunch. It’s popular and has cost, speed and environmental advantages over the latter. But thanks to its first-mover advantage, many of the most important applications of crypto technology have been built on Ethereum’s network and need its blockchain to operate.”

SOL coin price prediction for 2030

In the long term, the Solana price prediction for 2030 is optimistic but not as bullish as ether or bitcoin forecasts.

CoinPriceForecast offers the most reserved prediction out of all of them. It says SOL will climb to $37.57 towards the middle of next year, and $37.71 twelve months on. The site forecasts a value of $50.33 at the end of 2025. Its Solana price prediction for 2030 is a year-end value of $74.53, lower than its Ether forecast of $2,943 and its estimated Bitcoin rise to $55,263.

Finder’s forecasts for the crypto market are more bullish, but its prediction is along similar lines. It expects the cryptocurrency to be worth $486 in 2025 and its SOL coin price prediction for 2030 is $1,267. Finder’s 2030 prediction for Ether is $23,372, and its Bitcoin forecast is $420,240. 

Danny Butler, an investment specialist at Finder, said Solana is one of the reasons behind Ethereum’s “price wobble”, but this will not last for long. He said: “With Ethereum shifting towards a more cost-effective and better environmentally proof-of-stake model in 2022, its price should start to pull away again from its challengers.”

TechNewsLeader warned of a market dump, which has been seen recently, but the extent to which the downtrends will continue is uncertain. If SOL were to make a bullish run, and if “everything goes smoothly”, Solana could reach a maximum price of $1,231.93 in 2030.

The technology publication argues that Ethereum will skyrocket in the next decade, which will be fuelled by wider adoption and partnerships on the blockchain. It forecasts Ether will reach a maximum trading price of $53,341.67 in 2030.

It is a slightly lower forecast from PricePrediction.net, whose Solana coin price prediction for 2030 is for an average price of $1,208.77. This is significantly lower than its Ether prediction of $49,740.33 and its BTC forecast of $798,474.46.

FAQs

It might be. For those looking for a blockchain with a technology focus that has lower fees and higher transaction speeds, SOL could be a viable investment. However, the verdict from price predictions is for ETH and BTC to gain more than SOL in the next decade.

Remember, you should always do your own research before investing.

It depends. SOL coin is expected to see an upward trend over the next decade, with some price predictions expecting it to reach above the $1,000 mark by 2030. Then again, TechNewsLeader warned of a market dump.

Remember, you should always do your own research and never invest more than you can afford to lose.

Further reading

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