Solana (SOL) has seen a significant uptick in activity, driven by the rapid adoption of PayPal’s (NASDAQ: PYPL) U.S. dollar-pegged stablecoin (PYUSD) on its network.
Notably, Solana has overtaken Ethereum (ETH) as the primary network for PYUSD, with more than 51% of the stablecoin’s total supply now residing on the Solana blockchain.
This milestone is significant, especially considering that PYUSD initially launched on Ethereum in August 2023, where it quickly gained traction.
ChatGPT-4 investment outlook on Solana. Source: ChatGPT-4o / Finbold
In the short term, ChatGPT-4o predicts that Solana could reach $160 within the next few weeks. This projection is supported by the increasing PYUSD supply, ongoing market momentum, and Solana’s network advantages, such as lower transaction fees and faster processing times.
Looking further ahead, Solana could reach $200 to $210 by the end of 2024. This long-term forecast takes into account factors like technological superiority, ecosystem expansion, positive legal developments, significant growth in stablecoin usage, and potential institutional interest due to speculation around a Solana ETF.
However, it’s important to note that this prediction assumes continued growth in the adoption of Solana’s ecosystem, particularly in the DeFi space.
Any significant disruptions could affect Solana’s trajectory. Nevertheless, with the current momentum and the increasing migration of stablecoins like PYUSD to its network, Solana appears well-positioned for sustained growth, potentially making it one of the top-performing assets by the end of 2024
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
