Home Price Predictions Solana Price Prediction 2023: What is Solana (SOL)?

Solana Price Prediction 2023: What is Solana (SOL)?

Peter Henn
Last Updated September 14, 2023 11:00 AM

Key Takeaways

  • Solana’s SOL coin is another cryptocurrency accused of being an unregistered security by the SEC.
  • Solana uses something called a Proof-of-History consensus mechanism to add blocks to its blockchain, mint coins, and reward users
  • The crypto exploded in 2021, but had a very challenging time in 2022. 
  • One Solana price predictions says the coin can reach $104.30 in two years time.

Solana’s SOL coin has made a recovery, as investors seem to believe that a recent legal ruling could have positive implications for the crypto.

The United States Securities and Exchange Commission (SEC) accused  Solana of being an unregistered security when it sued the Binance and Coinbase crypto exchanges in early June. However, the news that a court found that Ripple’s XRP coin was not an unregistered security, so long as it was being sold on exchanges, may have given SOL’s holders hope. 

In September, though, the news that Visa would be sending the USDC stablecoin via Solana could also have brought it to the attention of potential investors.

Solana did not immediately respond to a request for comment.

But what is Solana  (SOL)? How does Solana work? What is Solana used for? Let’s take a look and see what we can find out, and also take a look at some of the Solana price predictions being made as of September 14 2023. 

Solana Coin Price Prediction

Let’s take a look at some of the Solana price predictions that were being made as of September 14 2023.

Keep in mind that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at any time. 

2023 2025 2030
Prediction #1 $39.54 $67.09 $184.73
Prediction #2 $14.76 $104.30 $0
Prediction #3 $16.17 $38.71 $331.89

First, CoinCodex  had a rather optimistic short-term Solana price prediction.

The site said that it would hit $18.52 on September 18, and would get to $20.54 on October 13. The site’s technical analysis was, considering its initial optimism, perhaps surprisingly, bearish, with 18 indicators sending discouraging signals and 12 making bullish ones. 

Solana Price Prediction for 2023

In other sites, DigitalCoinPrice  suggested that Solana could reach an average of $39.54 this year. CaptainAltCoin  said SOL would fall to $14.76 by December. Meanwhile, CryptoPredictions.com  predicted it to drop to a little under $16.17 by the end of 2023. 

Solana Price Prediction for 2025

Moving on, DigitalCoinPrice suggested that SOL could trade at around $67.09 in 2025. CaptainAltCoin predicted it would reach a staggering $104.30 that year.

CryptoPredictions.com, on the other hand, was more cautious, but still optimistic, saying it would close the year at about $38.71.

Solana Price Prediction for 2030

In terms of a more long-term Solana price prediction, DigitalCoinPrice claimed that it would be worth $184.73 by the start of the next decade. CaptainAltCoin switched tack, saying there was a “50-50” chance that SOL could have lost all its value by then, become a de facto dead coin. PricePrediction.net  was far more bullish. Its SOL price prediction said the coin would trade at $331.89 at the start of the next decade.

Advantages and Disadvantages of Solana

Blockchain analytics company Messari recently released their quarterly report on Solana . In it they highlighted that it had launched its Saga mobile phone, and outlined some key advantages and disadvantages of the blockchain.

They found Solana had

  • An average market cap of $7.2 billion, down year-on-year from $11.6 billion and down from $7.9 billion quarter-on-quarter.
  • Quarterly revenue of $289,173, up from $165,288 from the same time in 2022, but down from $340,078 in the first three months of 2023.
  • An average of 149,847 daily fee-paying customers, down from 325,360 quarter-on-quarter but up from 165,288 year-on-year.
  • Had a Total Value Locked (TVL) – in other words, the amount of money staked in the system – of $3 million, holding steady from the first quarter of 2023, but down from $1.8 billion year-on-year.

Advantages of Solana

Messari said that Solana had

  • A widespread, diverse and active user base.
  • A strong roadmap for future development.
  • Growth in its NFT and gaming sectors, and had also been able to attract new programs to the blockchain.

Disadvantages of Solana

Messari also said that Solana

  • Was liable to outages.
  • Was under the cloud of the SEC’s claims that it was an unregistered security.
  •  Had seen the number of people able to validate transactions drop.

Solana Coin Price History

Now, let’s examine some of the highlights and lowlights of the Solana price history. While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Bitcoin price prediction.

In the first half of 2020 SOL it was worth about $0.90. It hovered around the $2 mark for the rest of the year, but things shot up in early 2021, when the market blossomed and SOL reached a little under $50 in April.

Although there was a decline from this, it came back into its element in August that year, when it broke through the $100 barrier.

A downturn was inevitable, but the recovery it made in November was notable, as it reached an all-time high of $260.06 on November 6 as the market pumped following Bitcoin (BTC) reaching record levels. 

After a strong 2021, 2022 was a year to forget. Market conditions saw the coin, which closed the year below $200, fall below $100 in March, recover in April, and then collapse again. The bankruptcy of the FTX exchange had a big impact on the price of SOL, as it was suggested that FTX had invested a significant amount of money in Solana, and SOL crashed to close the year below $10. 

Solana in 2023

SOL price history
Solana’s price in 2023 | Credit: CoinMarketCap

So far, 2023 has mostly been about recovery, with the coin topping $25 at points in February and April. However, the news of the SEC’s lawsuit saw things go down and it reached a low of $13.38 on 10 June. This drop coincided with the news that the Crypto.com (CRO) exchange was suspending its US institutional activities.

Over the next month, the market fought back, and the Ripple decision gave pretty much every crypto a boost. On July 14, SOL peaked at $30.06.

August 17’s news that Elon Musk’s Space X had sold billions of dollars worth of Bitcoin tanked the market. SOL dropped to $17.46 on September 11. However, it started to make a comeback and, on September 14 2023, Solana was worth about $18.70.

At that time, there were about 411 million SOL in circulation out of a total supply of around 557 million. This gave the coin a market cap of about $7.6 billion, making it the ninth-largest crypto by that metric. 

Solana Price Analysis

Solana has been in a bear market since it reached an all-time high in November 2021. It fell 97% to a low of around $8 in late December last year. Since then, though, there has been some recovery.

SOL price analysis
Solana collapsed from its record high

Although the price rose by more than 250% in January, it went down again. However, its June low was still considerably higher than the one from late December. It then more than doubled to its July high. 

However, the price move only saw it pass the key level of $27 briefly. Since then, it has fallen by around 45%. 

The price rise from June 10 to July 14 was the same length as the prior one from December 29 to February 20. Any attempts to start an uptrend have failed, so there is not much evidence to suggest that the recovery at the start of the year was the beginning of a bull cycle. 

This is because, although June’s low was higher than December’s, July’s high was lower than February’s. Not only that but the summer’s high ended quickly. 

Solana price analysis
SOL needs to break past $27.

In the short term, SOL might go down, but it is likely it could make something of a recovery to around $26. If it rises above that, it could reach at least $32.

That said, it is more likely that $26 is as good as it gets. If that is the case, then we should brace ourselves, because SOL could well end up back where it started at about $8.

Is Solana a Good Investment?

Solana is one of the largest cryptocurrencies out there by market cap. While it has suffered over the last year or so, the fact that it remains in the top 10 is testament to its strong performance in the second half of 2021, when it went from an also-ran to a major player.

However, when something stands up, someone will want to knock it down, and the SEC’s ongoing vendetta against crypto sees SOL firmly in the regulator’s sights, even if Judge Analisa Torres’ ruling might give some holders hope. We shall have to see what, if anything, comes of the SEC’s cases. As always, though, you will have to make sure you do your own research before investing in Solana. 

Will Solana Go Up or Down?

No one really knows right now. Sites like DigitalCoinPrice are extremely optimistic, while the likes of CaptainAltCoin are far more bearish. Keep in mind that price predictions very often end up being wrong, and that prices can, and do, go down as well as up. 

Should I Invest in Solana?

Before you decide whether or not to invest in Solana, you will need to do your own research, not only on SOL, but on other, similar cryptos such as Ether (ETH) and Cardano (ADA). Ultimately, though, you will have to make this decision for yourself. Remember that prices can go down as well as up and that you should never invest more money than you can afford to lose. 

From the Whitepaper

Solana’s technical documentation, or whitepaper , says that the system is designed to be quicker and easier to use than other blockchains.

One word of warning, though. The whitepaper is full of jargon, with sentences like “When used alongside a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS), PoH can reduce messaging overhead in a Byzantine Fault Tolerant replicated state machine, resulting in sub-second finality times” likely to confuse the average reader.

Solana Explained

Blockchains can be slow. While this is especially true for Proof-of-Work (PoW) chains like Bitcoin, which use people solving mathematical equations to add blocks to the blockchain,  it can also be true for Proof-of-Stake (PoS) chains such as Ethereum, too.

The Solana blockchain aims to solve this problem. It uses something called Proof-of-History (PoH) to grow its chain and reward its users. Computer engineers Anatoly Yakovenko and Greg Fitzgerald founded Solana, which promises 2,000 transactions per second, in 2017.

Solana is part of the world of decentralized finance (DeFi). DeFi is based around the idea that people would be able to access financial services without having to bother going through traditional banks. It supports a variety of decentralized applications (DApps), such as the Audius music-sharing program and the Phantom Wallet. 

The SOL coin, which is used to reward the people who help run the network, powers the system. The coin can also be staked in return for voting rights, and it can also be bought, sold and traded on exchanges. 

How Solana Works

Solana’s unique selling point is its Proof-of-History consensus mechanism. This works by creating a series of timestamps, which show who held how much crypto at what particular point. In turn, this enables the data to be accurate and fair. 

PoH has allowed Solana to have a range of other functions. These include

  • The SeaLevel transaction processor.
  • The Turbine data distribution system.
  • Gulf Stream, which is used to move transaction caching across the network.
  • The Tower Byzantine Fault Tolerance system, which allows it to calculate values.
  • Pipeline, which also helps with transaction processing.
  • Archivers, which helps with data storage.

SOL powers the system. Holders can stake it, or set it aside, in return for voting rights. People can also buy, sell, and trade it on exchanges.


How many Solana are there?

As of September 14 2023, there were about 411 million SOL in circulation out of a total supply of around 557 million.

Will Solana reach $100?

It might do, but not for some time. PricePrediction.net says it can get there in 2027, while DigitalCoinPrice has it reach the target two years later. CaptainAltCoin thinks it will hit three figures in 2025 before collapsing into nothingness.

Although SOL has been worth $100 before, it has not traded at that level since April 2022.

What is Solana used for?

The SOL coin supports the Solana blockchain. People can also buy, sell, and trade it on exhanges. 

Further reading



Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.