The Solana price has fallen by 1% today, with its slip to $173.82 coming as the cryptocurrency market as a whole loses 2.5% in the past 24 hours.
Despite this decline, SOL remains up by 3.5% in a week and by 15% in a month, although it has gained by only 3% in the past year, which is disappointing for such a major token.
In the longer term, however, Solana has much to look forward to, including its recently announced Alpenglow upgrade, which promises to significantly enhance its speed and scalability.
Combined with the possibility of SOL ETFs, the arrival of Alpenglow is hugely positive news for the long-term Solana price prediction, with the coin on course to pass $300 by the end of the year.
Fastest L1 Ever? Solana’s ‘Alpenglow’ Upgrade Has Traders Watching $300 Next (Solana Price Prediction)
Unveiled by Solana-focused developer Anza last week via a blog post, Alpenglow is a new consensus protocol that will reduce transaction final latency to 100-150ms.
This represents a 100x reduction in relation to current capabilities, with Alpenglow replacing proof-of-history and Tower Byzantine Fault Tolerance with new algorithms Votor and Rotor.
There’s no specific timeline for Alpenglow’s full deployment, but its unveiling would suggest that we might be able to expect it within the next 12 months.
Its approach, however, hasn’t had a massive impact on the Solana price today, although SOL’s chart indicates that a rally could be on its way soon.
Most notably, SOL’s 30-day average (orange) has just formed a golden cross with the 200-day (blue), which can usually be taken as a sign of an incoming breakout.
At the same time, the coin’s relative strength index (purple) remains in a bullish position, having risen from the low levels it saw in February, March and April.
Source: TradingViewBased on these indicators, we could see the Solana price return to $200 by the end of June, while the approval of SOL ETFs in Q4 could see it reach $300.
A New Solana-Based Token with Strong Potential
Much of Solana’s strength comes from the rich ecosystem of altcoins running on its platform, with many of the most exciting new projects in crypto running on Solana’s network.
And soon Solana will have another interesting new token to add to its roster, Solaxy (SOLX), which is currently holding its presale.
It has raised a hugely impressive $41.5 million in its sale, with investors excited about its upcoming launch of Solana’s first layer-two network.
As an L2 for Solana, Solaxy will help users avoid the delays and congestion that can still impact its parent chain during peak traffic, while also offering much lower transaction fees and very quick confirmation times.
It will enable instant bridging between itself and Solana, while its team plan to extend compatibility to other chains in the future.
Solaxy will also have its own DEX soon after launch, as well as a host of other dapps and platforms that should make it a key hub for trading.
Its native token SOLX is bullish because users will need it to pay for transaction fees, and they can also stake it for a passive income.
Its sale ends in 19 days, with latecomers able to join by going to the Solaxy website and connecting a compatible wallet.
SOLX is available at $0.001738, with the early signs suggesting that it could rise well beyond this once it lists in just under three weeks.
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