One of the major casualties of the recent FTX-Alameda crash is Solana (SOL). Since Solana Foundation had close relationships with FTX and SBF‘s other companies, it took the fall for the crisis.
Solana prices slumped to a record low of $13 (on November 11), days after the news of the FTX liquidity crisis crippled the market. Since then, SOL has struggled to recover.
The price of Solana hit an all-time high of $260.06 during the bull run of 2021 (on Nov. 6). SOL prices have been declining ever since and are currently trading at $12.08.
SOL’s Future Prospects
According to several cryptocurrency analysts, it could be challenging for SOL to return to its all-time high ($260) because Solana’s fully diluted valuation (FDV) of $100 billion was never justified.
According to cryptopredictions.com, SOL can breach the $40 barrier by 2026.
Given that the value proposition offered by the Solana ecosystem remains more or less the same (despite market sentiments not being in favour of Solana, which is one of the main reasons behind its price crash), it is very likely that SOL will touch the $100 mark in the next bull run.
Since SOL is in a dip, if you can hold it for the long term, that is, until the next bull run hits and market sentiments are in favour of Solana, you can make decent money from this investment.
Also Read: Interested In Altcoins? Here Are 3 That Could Boost Your Portfolio In Ongoing Bear Market
How Much Money You Would Make if Solana (SOL) Reaches $100?
Let’s say you invest a modest $100 in SOL tokens today. This will get you 8.28 SOL tokens at the current price of $12.08. In the event that SOL hits $100, your $100 investment will become worth $828, giving you an 8x or 728% return on investment.
Let’s assume that you buy $1000 worth of SOL tokens today. At the current rate, you will have approximately 82.78 tokens. Your $1000 investment will be worth $8278 if liquidated at the price of $100. If SOL hits the $100 mark in the next 3 years, you will get an annualised ROI of 102% on your investment.
It is important for anyone considering investing in Solana or any other cryptocurrency to carefully research the asset and understand the risks involved before making any investment decisions.
Disclaimer: This is not investment advice.
Also Read: Here’s How Much Your $100 Investment in Cardano Will Be Worth If ADA Reaches $1
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