Is Solana Price Set to Reach $600 in This Bull Market?

Solana has popularly become the go-to choice for several venture capitalists and hedge funds, with most believing it’s price could reach $600 in this bull market cycle.

In a recent Crypto Investment Manager Survey by MV Global, 76 venture allocators were asked, and almost a third of those who participated believed SOL could reach that mark.

Solana’s Bullish Run Continues: $600 Target in Sight

The last seven days have been a field day for gains within the top assets in the cryptocurrency market, especially Solana. Some coins surged past Bitcoin’s gains in the past week. Solana price is doing particulary great this week, up 34.7%, which is way higher than Bitcoin’s 7-day increase of 28.1%.

The cryptocurrency market experienced a massive inflow following Donald Trump’s victory in the 47th presidential election and also on crypto prediction markets. As Bitcoin price hit a new high of $88,933, most major altcoins recorded a renewed recovery. Thus, the Solana price recorded a sharp surge as well.

At the current price of $210.65, the token seems still well-positioned to go further upwards. A recent MV Global’s Q4 2024 Crypto Investment Manager Survey has placed the coin at a $600 value during this bull cycle.

The MV Global survey conducted responses from 76 prominent venture capital and hedge fund managers. The results of this survey have identified a few trends in the crypto market. Interestingly, 33% think Solana price will exceed $600 during this bull cycle, while another 23.2% say $600 is the limit. The rest of the participants believe that the SOL price will remain between $150-$300.

The token has been the best performer over the past 30 days, up 49.2%, against Bitcoin’s +40.6% and Ethereum’s +37.7%. According to the survey, this outperformance will continue because it has greater exposure to emerging sectors, including DePIN and meme coins.

A Closer Look at the Factors Driving the Surge

The study shows strong confidence in Solana’s potential. Seventy-five percent believe it could outperform crypto ETFs. Bitcoin dominates headlines, with predictions ranging from $100,000 to $150,000 this cycle. However, attention is shifting to altcoins like SOL and ETH. Investors are focusing on these assets as they rise in emerging sectors.

The survey suggests that the altcoin season will not be extensive, and the funds target few tokens. 43% of the participants showed confidence in tokens about AI. 14.3% of all participants liked DePIN tokens.

Meanwhile, 27.5% of participants were skeptical about gaming tokens’ growth. 24.6% showed no interest in Layer-2 tokens.

Most investors didn’t want to increase exposure to meme coins. Only 43% held any, and few invested over $10,000. The MV Global survey shows optimism in sectors like AI. However, it sounds cautious about others. The market is expected to peak in 2025.

Is SOL the Next Big Thing? Analysts Say Yes

These projections are relatively conservative compared to global investment bank Standard Chartered’s target of $200,000 for Bitcoin by the end of 2025 and  VanEck’s more optimistic forecast of $300,000.

In the case of Ethereum, the predictions are more mixed; one-third think its peak will be between $3,000 and $5,000, while another third believe it would go as high as $5,000 to $7,000. Despite the different outlooks,ETH  has solid institutional support and a core position in DeFi.

In conclusion, Bitcoin’s bullish outlook can be favored by a new US president’s liquidity growth from fiscal policies, but this will be after 16 to 24 months in the absence of time and quantum of inflow. The volatility in the broader crypto market will persist as investors reset expectations, with many expecting the market to peak in 2025.

As this cycle plays out, any growth from Solana will be closely tracked. A consensus is slowly building, and a trajectory of this kind will finally nail its position among the leading cryptocurrencies in the years to come.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.