Benzinga - Cryptocurrency Solana (CRYPTO: SOL) has soared in value over the last week gaining over 20%, with gains outpacing both Bitcoin and Ethereum.
Here's a look at how investors could perform if they invest in Solana now and if the coin returns to all-time highs.
What Happened: Solana been in the news a lot recently, especially in regards to the Jito (CRYPTO:JTO) airdrop that rewarded people who participated in a Solana-based liquid staking protocol.
Launched in 2020, Solana is a layer1 blockchain designed to help facilitate smart contracts and create new decentralized applications. The cryptocurrency is able to process a large amount of transactions per second and has a low transaction cost.
Over the years, Solana has gained interest and seen use cases thanks to its position in the worlds of non-fungible tokens and blockchain gaming.
Solana partnered with major financial company Visa Inc (NYSE:V) to help with cross-border payments. Ecommerce company Shopify (NYSE:SHOP) also announced the integration of Solana as a payment option on the company's shopping platforms.
The rebound of Solana in 2023 comes after a rough 2022 that saw the bankruptcy of several cryptocurrency platforms. Solana was also highly volatile around the time of Sam Bankman-Fried‘s arrest and FTX‘s struggles, as the coin was the company’s former top holding.
One crypto trader on Twitter, the social media platform now known as X, sees the price of Solana accelerating with a price target of $360 by 2025.
Related Link: SEC May Be Hinting About A Bitcoin ETF: Here Are Clues And Warnings We’re Following
Investing $100 in Solana: Despite the recent rise in Solana’s value, there could be even more upside for investors, as the coin is still trading well off from all-time highs set in November 2021.
Solana has traded between $8.14 and $73.97 over the last 52 weeks. The coin began trading at around $170 in 2022, before falling during the year and ending the year at around $10. In 2023, the coin has been one of the best-performing large cryptocurrencies, up over 550% year-to-date.
A $100 investment in Solana could buy 1.37 SOL coins at the time of writing, based on a price of $73.21.
If Solana hits a new all-time high of $260.07, the $100 investment would be worth $356.30. This represents a potential return of 256.3%.
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