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One major cryptocurrency has seen its value rise almost 130 times this year so far, but it’s set for another 25% rise before 2021 is done, according to an expert.
One Solana (CRYPTO: SOL) was trading for $270.20 at lunchtime Monday — a far cry from 1 January when it was worth a mere $2.09.
That means it has multiplied more than 129 times in just over 10 months.
Imagine you had $1,000 of Solana currency when the new year fireworks went off. Now you’d be sitting on $129,300.
But amazingly, DeVere Group chief executive Nigel Green reckons there is even more growth to come in the next couple of months.
“Solana is certainly a rising star of crypto. With its price skyrocketing more than 100 times since the beginning of the year, its potential is becoming impossible to ignore,” he said.
“I believe that its bull market run will continue for the rest of this quarter and that it will hit new all-time highs of $250 by the end of 2021.”
Decentralised finance apps need Solana
Unlike Bitcoin (CRYPTO: BTC), which is a pure store of value, Solana is the token used in a blockchain system that facilitates decentralised finance (DeFi) software.
“The DeFi sector is about to explode due to the inherent real-world value it can offer almost every sector,” said Green.
“Investors are increasingly understanding the network’s value not only as a platform for developers but as a worldwide financial utility.”
Green earlier this year correctly predicted Bitcoin would reach all-time highs in 2021 and that Cardano (CRYPTO: ADA) would surpass US$3.
Cardano is now languishing at US$2.13, making his other forecast of it hitting US$4 by the end of the year more unlikely.
“Solana has smashed past some key resistance levels in recent weeks, indicating that investors aren’t worried about squeezes to the downside,” he said.
“It’s gaining momentum and, as a result, a growing number of active holders. There’s no reason to expect this to slow considerably before the end of the year.”