Here's the Most Likely Time Frame for Solana to Reach $500

After reaching a peak valuation of nearly $3 trillion in November of last year, the entire cryptocurrency market has come crashing down. With a market cap as of this writing of about $870 billion, digital assets have completely fallen out of favor with investors. This troubling situation has resulted in industry layoffs and insolvency for some crypto businesses. 

Among the recent turmoil, there are still some promising blockchain projects out there, and Solana (CRYPTO: SOL) is one of them. Although the price of its native token SOL has dropped about 80% in 2022, I think the network has a bright future. In fact, reaching $500 per token is not out of the realm of possibilities. 

Founded by ex-Qualcomm engineers, Solana was released to the public in April 2020. And over the following 19 months, the price of one SOL skyrocketed 33,000% to an all-time high of $260 in November 2021. As of June 30, Solana was the ninth-most-valuable cryptocurrency, with a market valuation of $11 billion. 

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Source Fool.com