"The prediction is very bold, I hope it comes true."
The approaching Bitcoin (BTC) halving event has investors wondering if the cryptocurrency Solana (SOL) has the potential to drive higher to $300 right after the halving takes place.
The question was also raised when the leading crypto exchange and analytics platform Changelly predicted SOL to hit the impressive price of $321.21 on April 20, 2024, thus causing investors and traders to eagerly anticipate potential huge gains.
While arriving at the SOL rise forecast, Changelly has taken into account historical price data, market trends and overall sentiment around the digital asset which has fueled the excitement surrounding the crypto prospect.
In addition to providing a more comprehensive view of SOL's performance throughout April 2024, Changelly also analyzed the price volatility of the digital asset in early 2023 where it expects the average rate of SOL to reach $356.61.
There is no denying that SOL may experience significant growth, but its price can also experience volatile movements as Changelly has provided a range where the minimum expectation is $182.46 and the maximum is $530.76.
Among several factors that encourage investors to be more confident in the future performance of SOL are the platform's high capacity, low latency and scalability which attract the number of developers and projects then lead to increased use and demand for SOL.
Not only that, the upcoming BTC halving event is expected to create a supply shock that has the potential to increase the value of the crypto as a whole, where the growing SOL ecosystem could make it an attractive option for investors looking to diversify their portfolios.
As of this writing, the price of SOL trading at $176.54 has plunged a slight 2.39% in the last 24 hours with a market capitalization of over $78 billion then recorded a decline of 11.70% over the last week.
