Can Solana reach 1,000 euros during this bull run?

Solana shows impressive growth, driven by technological advances and hopes for a spot ETF. But how realistic is a €1,000 share price? An analysis.

In this article:

• How strongly Solana is growing

• Why caution is needed

• The impact of Trump's election

• What makes a price target of 1,000 euros possible

Since the election of Donald Trump, Solana has risen nearly 50%. The current price is 240 euros per coin, just 6% below the 2021 record. Trump's election is often seen as a success for Bitcoin, but it also marks a change in direction for the entire crypto market. Many analysts predict that Solana could rise to 500 to 1,000 euros, a scenario that seems increasingly realistic. But what speaks to this bullish future - and why does Solana remain vulnerable at the same time?

The impressive growth of Solana

Almost all major blockchain metrics point to the same thing: Solana's ecosystem is growing rapidly, and has been for some time. But a closer look shows that much of this growth stems from the hype surrounding memecoins, making the ecosystem vulnerable.

On multiple fronts, Solana is outperforming its biggest competitor Ethereum. According to a report by Syncracy trading volume on Solana's decentralized exchanges is often higher than on Ethereum. The Solana DEX Raydium has even overtaken Uniswap. Solana also leads in terms of daily active users and transactions: 294 million addresses and 3.5 billion transactions in three months, compared to 90 million and 1 billion for Ethereum, respectively.

Still, Ethereum has a strong lead when it comes to stablecoin volume (91 billion euros versus 4 billion euros) and Total Value Locked (TVL), or total value locked in the network (47 billion euros versus 8 billion euros). Big players such as BlackRock and Visa remain loyal to Ethereum for their blockchain projects for now, while Solana remains more focused on smaller investors.

Solana between memecoins and innovation

Solana is known for speed and low cost, but the network is often considered less secure and less decentralized than Ethereum. In addition, Solana suffers from network outages and security problems. The culture within Solana is characterized by speculation, particularly around memecoins.

Despite these challenges, Solana is making strides toward serious applications, such as DePIN (Decentralized Physical Infrastructure Networks). Projects such as Helium and Render decentralize infrastructure and have now proven to be successful. Solana now counts nine unicorns - projects worth more than a billion euros - reaching half of Ethereum's number.

Technological advances and new opportunities

Solana's blockchain continues to evolve. This year introduced "Token Extensions," which give smart contracts new features, such as confidential payments. This even attracted the interest of PayPal, which launched its stablecoin PYUSD on Solana.

In addition, the Solana Foundation introduced new features, such as "Actions" and "Blinks." These make blockchain transactions easier via apps, QR codes and social media. The planned "Firedancer" update, launched in an early release in September 2024, promises to enable up to one million transactions per second - much faster than Visa's 24,000.

Spot ETF: The gamechanger for Solana?

The prospects for a Solana spot ETF offer hope for a huge share price rise. An ETF would add institutional legitimacy and could lift the price to 1,000 euros, according to analysts. Although BlackRock is currently limited to Bitcoin and Ethereum, a spot ETF for Solana in 2025 could coincide with the next altseason - historically a period when altcoins rise an average of 3,000%.

Still, approval remains uncertain. Under current SEC Chairman Gary Gensler, an ETF is virtually impossible, as the SEC considers Solana a security. A change in presidency, possibly by Trump's administration, could change this.

The adoption of a Solana spot ETF during an altseason could trigger an upward spiral. Solana would benefit not only from the overall positive market sentiment, but also from the direct inflow of capital through ETF filings and the hype surrounding the first altcoin ETF. Moreover, a Solana ETF would open the door for other altcoins. Indeed, once Solana is approved, it becomes more difficult to argue against the admission of other altcoin ETFs. This, in turn, could further boost altcoin prices.

Conclusion: a challenging future

While Solana has enormous potential and is showing increasingly impressive results, the ecosystem is not yet without risks. Memecoin hypes and network issues remain challenges, but if a spot ETF becomes a reality, Solana could well become the Ethereum of this cycle.