Solana (SOL) is rapidly gaining popularity. After the crash of the crypto exchange FTX, the digital coin lost a large part of its value and fell to a low of below $10.
Since a mid-2023 revival, the project has been experiencing better times, with SOL currently trading at a price of $130. This growth has been accompanied by a new record for daily active users, with the network recently recording a whopping 2.3 million active users.
The Impact of User Growth on Solana’s Price
The growing number of users can have a significant impact on the value of SOL. According to Metcalfe’s law, the value of a network increases exponentially as the number of users increases. More users create more possible interactions and transactions, which further increases the value of the network. In addition, a growing user base often attracts new developers, companies, and investors, which contributes to the further growth and development of the ecosystem. This usually has a positive impact on the price of the underlying cryptocurrency, especially in the long term.
Many investors are therefore hoping that Solana can surpass its previous high of almost $260, which would represent a 100% increase from its current price. The cryptocurrency reached its all-time high (ATH) in November 2021, after an impressive rally of almost 26,000% in just one year.
Raoul Pal predicts explosive growth for Solana
Well-known investor Raoul Pal remains a staunch supporter of Solana and is not surprised by the recent positive developments. The former top banker even predicts a possible explosive price increase for Solana, a major competitor of Ethereum (ETH).
In a recent interview with the Empire podcast, Pal suggested that Solana could see a whopping 900% surge in the coming months. He expects the entire crypto market to see significant growth over the next 12 months, with Solana being one of the big winners, he says.
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Source: https://newsbit.nl/solana-breekt-records-populariteit-stijgt-en-investeerders-verwachten-explosieve-groei/
