Why Experts Predict $5,000 Solana By 2030: Report

A panel of 50 experts has arrived at a long-term price target of $5,000 for popular altcoin Solana (CRYPTO: SOL).

What Happened: A new study from Finder, which surveyed several senior executives from the blockchain and fintech industries, revealed a series of optimistic price targets for Solana.

By 2025, the panel expects SOL to reach a price of $1,178 and by the year 2030, they estimate that SOL will hit $5,056.

SOL has already outperformed the panel’s “short-term” Dec. 31 price target of $235.

"Solana will be the most prominent alternative to Ethereum and Ethereum layer-2s in hosting DeFi. This is a huge market to be captured and SOL price may reflect this," said Joshua Fraser, co-founder of Origin Protocol (CRYPTO: OGN).

More than half the survey respondents said they believe Solana’s Proof-of-History consensus network will give it an edge over Ethereum (CRYPTO: ETH). Ethereum currently uses a Proof-of-Work consensus mechanism but is currently in the process of shifting its network to the more sustainable Proof-of-Stake mechanism.

Meanwhile, some panelists viewed Solana’s recent DDoS attack-related network outage as an inherent problem.

Jonathon Miller, managing director for Australia at crypto exchange Kraken, said: "Trust in L1 blockchains is paramount and SOL does not have that degree of trust."

Others such as Alex Nagorskii, the head of fund management operations at DigitalX Ltd., were impressed with Solana’s quick response to challenges.

"Solana has proven they can respond quickly to challenges, turning over an update to over 1,000 validators in less than a day. In the process, they have found the limit to the (very impressive) number of transactions per second that the network can handle and would have taken away valuable lessons from the experience. It should continue to gather pace towards the end of the year," he said.

SOL Price Action: On Friday morning, SOL was trading down 4.07% at $234.94.

Photo by Nicholas Cappello on Unsplash