Cryptocurrency Solana has increased in value over the last few weeks as the coin is becoming more utilized for creating play-to-earn games. Here’s a look at how investors could perform if they invest in Solana (CRYPTO: SOL) now and the coin returns to all-time highs.
What Happened: Solana has been a top performing coin over the last week, rising over 20% on the heels of some game related announcements.
Krafton, which is the company behind popular video game “PUBG: Battlegrounds,” signed an agreement with Solana Labs to develop blockchain games and services.
Block Tackle, a game studio backed by The Sandbox (CRYPTO: SAND) owner Animoca Brands and others, announced its debut game will be “SkateX,” a Solana-based skateboarding game. Block Tackle also counts Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) as an investor.
Grayscale Investments, the company behind the popular Grayscale Bitcoin Trust (OTC: GBTC) also announced plans to launch an altcoin fund that will see Solana and Cardano (CRYPTO: ADA) as the top two holdings, with each coin making up around 24% of assets under management.
Related Link: Here's How Much $100 In Cardano Could Be Worth If ADA Returns To All-Time Highs
Investing $100: Despite the rise in the value of Solana, there could be more upside for investors, as the coin is still trading well off from all-time highs set in November 2021.
Solana has traded between $16.35 and $260.06 over the last 52-weeks. The coin hit an all-time high in November 2021 and continued to trade strong in November and December.
Solana began 2022 trading around $170 and fell in the first few months of the year.
A $100 investment in Solana could buy 0.9806 SOL coins at the time of writing, based on a price of $101.98.
If Solana returns to an all-time high of $260.06, the $100 investment would be worth $255.01, representing a return of 155%.
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