Geoffrey Kendrick from Standard Chartered predicts that Solana's price might reach $500 by 2029, although he notes potential short-term challenges.
Solana's Price Growth and Short-Term Challenges
Geoffrey Kendrick, head of crypto research at Standard Chartered, forecasts a potential price of Solana reaching $500 by 2029. However, he anticipates that Solana might underperform Ethereum in the short term due to its reliance on memecoin transactions.
Kendrick emphasizes that although Solana has significant growth potential, short-term issues could hamper its progress. Ethereum currently possesses a more mature DeFi ecosystem, which may give it an edge in the coming months.
Industry Reaction and Solana's Market Position
As per CoinMarketCap, Solana is currently priced at $178.89 with a market cap of $93.10 billion and 2.68% market dominance. Its 24-hour trading volume stands at $3.56 billion, indicating a 16.29% shift. Recent changes include a 2.58% increase over 24 hours and a 38.17% rise over the past 60 days.
According to Kendrick, Ethereum has historically rebounded from speculative challenges, and Solana might follow this trajectory with upcoming DeFi and infrastructural advancements.
Current Solana Metrics
Solana's initial reliance on memecoins could negatively impact its price stability and market perception. However, Kendrick mentions that Solana could reach $275 by the end of 2025, emphasizing both potential and existing concerns.
In the short term, expectations remain mixed, as Solana faces pressure from speculative tokens while being on track for potential price increases through financial applications and decentralized social media.
In conclusion, while growth predictions remain optimistic, short-term challenges and reliance on memecoins may negatively impact Solana's price. Nonetheless, the long-term growth potential remains substantial.
