Forecast from Standard Chartered: Solana Could Reach $500 by 2029.
Standard Chartered Predicts Solana (SOL) Price Surge to $500 by 2029
In a recent report, Standard Chartered, a multinational banking and financial services conglomerate, has predicted that the price of Solana (SOL) cryptocurrency could increase to $500 by 2029, according to The Block. However, it anticipates a relatively weaker performance for Solana compared to Ethereum (ETH) over the next two to three years.
As of 4:00 PM Moscow time, Solana ranks sixth among the largest cryptocurrencies with a market capitalization of $91.9 billion and is trading around $176, approximately 40% below its all-time high of $293 reached in January 2022.
Standard Chartered forecasts that Solana's price could reach $275 by the end of 2025, slightly below its record, and predicts that the coin's price will eventually surpass $500 by 2029. The Solana blockchain continues to dominate the memecoin market due to its high throughput and low fees, but the memecoin sector may be experiencing a slowdown, according to Jeffrey Kendrick, head of digital asset research at the bank.
Kendrick expects it to take another two to three years for Solana to scale its use in financial services, social networks, and DeFi projects. Solana's network is well-suited for supporting these sectors due to its fast and cheap transactions.
Interestingly, the bank expects the Ethereum-to-Solana price ratio will increase from the current 15 to 17 by the end of 2027, indicating that Ethereum will outperform Solana during this period.
Solana trades at a lower value compared to its application revenue, unlike Binance's BNB, which is considered expensive by Standard Chartered's analysts. BNB could potentially increase by 360% to $2775 by 2029.
Standard Chartered has a history of publishing cryptocurrency forecasts. In one of its recent reports, the bank also predicted that Bitcoin could reach $500,000 by 2029.
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Technology plays a crucial role in Standard Chartered's predictions for Solana, as the bank believes Solana's network is well-suited for supporting sectors such as financial services, social networks, and DeFi projects. Additionally, financial institutions, like Standard Chartered, are investing heavily in cryptocurrencies like Solana, further driving its potential growth.
