Despite growing geopolitical tensions, there is still no shortage of optimism within the cryptocurrency market. Adding to the growing expectation is VanEck, who recently predicted Solana (SOL) would reach a price of $520 by the end of the year.
The $100 billion asset manager took to X (formerly Twitter) to discuss its prospects for the cryptocurrency. There, it states that the projection was based on the “year-end market share” that expects big things from the cryptocurrency. Indeed, they project it to hold 22% of the entire smart contract platform (SCP) market, up from its current 15% share.
JUST IN: $100 billion asset manager VanEck predicts Solana $SOL will reach $520 by the end of the year.
— Watcher.Guru (@WatcherGuru) February 6, 2025
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Solana to $520? VanEck Says It Could Happen This Year
Entering the year, there were high hopes for the cryptocurrency market. With Donald Trump returning to the White House, he was poised to bring a renewed pro-crypto stance with him. Just two months into the year, and that has already manifested into clear action to drive favorable regulation in the country for digital assets.
There were few tokens that had as much potential to thrive in the shifting regulatory landscape as Solana. The crypto already had a $400 price target coming to the forefront in February. However, that may be underestimating the token. Indeed, $100 billion asset manager VanEck projects Solana (SOL) could hit a price of $520 this year.
Also Read: Solana Reclaims $200: Can SOL Hit $250 This Week?
In a recent research note, the firm discussed its prospects for the asset in 2025. “This projection is supported by Solana’s developer dominance, increasing market share in DEX volumes, revenues, and active users,” analysts Matthew Sigel and Patrick Bush noted.
Additionally, they project Solana’s market cap to reach a price of $250 billion based on its forecasted price increase. Currently, SOL is trading at $190 and has lost 3% of its value over the last 24 hours, according to CoinMarketCap. Still, the token is up more than 98% from February 2024.