Coinbase CEO Announces Solana Integration Amid VanEck’s Surprising Price Predictions
It’s been a busy year for Solana (SOL). The DeFi project, often dubbed as Ethereum’s biggest rival, has appreciated an impressive 425% over the past twelve months – although it still sits at just 1/3rd of its all-time high. Amid continual ecosystem upgrades, high-profile business partnerships and adoption, Solana is one of the most intriguing crypto projects in the industry. And things just got even spicier, with Coinbase announcing that Solana will play a key role in the company’s native blockchain.
BASE Will Integrate Solana Onto Network
Brian Armstrong, the CEO of Coinbase, has always been a big fan of Solana’s potential technical capabilities. The network is renowned for its lightning-fast transaction speeds, paired with extremely low gas fees. And Armstrong wants to harness the power of Solana to drive forward his company’s native blockchain, Base.
Base is a layer 2 blockchain built atop Optimism and is a solution intended to improve the scalability and efficiency of Layer 1 blockchains (such as Solana or Ethereum). The end goal of Base is to facilitate trades for Coinbase users that are “under one second and one cent”.
To achieve this, Armstrong says his current network will need to evolve and become interoperable with other top-tier protocols, such as the “Lightning Network” and “Solana”.
Financial Institution VanEck Predicts SOL Could Be Worth $3K+
Solana has enjoyed an impressive 2023 to date – but international fund managers VanEck have a prediction that makes 425% gains look like nothing. As part of its preparations for offering clients crypto ETFs and other related assets, the company has been releasing deep-dive reports on several digital assets. VanEck’s research has led them to a price target for SOL of USD $3,211.28 (AUD $4,890.51) by 2030. If this prediction comes true, it would represent a 4,385% price increase from today – or 730% annually. Not too shabby!
To be clear, this price target is based on the most bullish outcome. VanEck also put forward a price target for a bearish scenario – and the result was far less appealing. The financial institution believes SOL could drop as low as USD $9.81 (AUD $15) if things don’t go according to plan.
Both price predictions may present a more extreme outcome than what actually transpires. But one thing’s for sure – in 2023 Solana is definitely trending in the right direction.